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Compare energy prices

Is it time to switch energy?

The price cap will drop to £1,690 from 1 April 2024. This is a two-year low for energy prices, so it’s worth assessing your options if you're on a standard variable tariff. Run an energy comparison to see deals that are currently available.

Should I switch energy now?

With the price cap due to drop to a two-year low and fixed deals returning to the market, you may be able to switch energy. The potential average savings you may see against the price cap are about the highest they've been for about two years. The price cap is predicted to decrease again in the summer, so it's hard to predict whether fixing now or sticking with a standard variable tariff will save you money in the long run.

If you can't see a deal that's right for you yet, make sure you sign up to be switch-ready and hear about our exclusive flash energy offers.

Be the first to know about new energy deals

We've recently offered our switch-ready customers exclusive fixed deals from big suppliers such as EDF and British Gas.
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What should I consider when choosing a fixed energy deal?

  • Do consider exit fees. You may change your mind about your fixed deal and want to switch again. But if this happens after your cooling-off period, you might have to pay an exit fee. Not all tariffs have exit fees but most do, so make sure to check the terms of your current tariff. 

  • Do consider the length of the deal. Most tariffs last for 12 or 24 months. During this time the price cap could rise or fall based on market conditions, so consider how long you would like to stay locked in for.

  • Do stay informed. Keep a close eye on the market and run regular comparisons to see what deals are on offer. If you sign up for alerts, you can stay close to what’s happening in the energy market and find out when a good deal comes along.

  • Don’t get a deal you can't afford. Make sure you can afford the deal you choose and don’t rush into one that you'll struggle to pay for. 

  • Don’t just look at the direct debit amount. The price you pay through Direct Debit each month is usually based on your estimated energy usage over a year. This may not be the actual cost. Make sure you look at the unit rate and standing charge to work out how much you will be charged for your energy usage. You can also see how it differs from what you’re paying now.
    Find out more about fixing your energy deal here.

What is the energy price cap?

The energy price cap is a limit on the unit rates and standing charges that energy suppliers can charge for their standard variable tariffs. The cap is set by the UK’s energy regulator, Ofgem, four times a year.

From 1 January to 31 March 2024, the price cap is set at £1,928.

From 1 April to 30 June 2024, the price cap will be set at £1,690.

The cap applies to unit rates - that's the actual price that’s changing. But to more clearly report it to customers, the annual figure is based on an average use dual fuel customer paying by direct debit. Always remember that you could pay more than the cap if you live in a bigger house or use more energy. You could also pay less if you use less.

Why are energy prices so high?

Wholesale gas prices significantly increased in September 2021. This was a result of various factors putting pressure on supply and demand. This meant there was a knock-on increase to customers’ energy prices, which also increased.

As a result, Ofgem announced that the energy price cap would rise to £3,549 per year for an average use home paying by direct debit in October 2022. It then rose again to £4,279 per year.

To combat the financial pressure that such high bills would put on households, the government launched the Energy Price Guarantee. This froze energy prices at £2,500.

The price cap, which continued in the background, fell to £3,280 in April 2023 and then to £2,074 in July. This meant the Energy Price Guarantee was no longer being used and the price cap came into effect again. The price cap level fell again to £1,834 in October 2023, though it then rose to £1,928 for the period from 1 January to 31 March 2024.

How to compare energy prices

Energy deals are starting to return to the market as the market settles down. It's worth brushing up on how the process of comparing energy prices and switching energy works.

How to compare energy suppliers

If you’re looking to switch energy, think about what’s most important to you in a new supplier when running an energy comparison. You can then choose the one that ticks those boxes - but make sure the deal it’s offering works for you as well.

Our customers are our priority. Here's what they're saying about the Uswitch energy switching service.

"First decent offer of a fixed price deal for a long time and the process took less than 5mins, could not have been easier."

- David Barr, Uswitch customer (23 January 2024)


Will energy prices go up or down in the next few months?

It's difficult to predict what will happen to energy prices in the next few months. Cornwall Insight, the energy analyst, says that the next price cap (announced in May 2024) could drop as low as £1,463. The situation could change quickly, though, so keep an eye on market news if you're thinking of switching.

You can see the latest predictions below.

Price cap levelAnnual energy cost for an average usage medium-sized household paying by Direct Debit
1 July to 30 September 2023£1,976
1 October to 31 December 2023£1,834
1 January to 31 March 2024£1,928
1 April to 30 June 2024£1,690
Predicted energy price cap (1 July to 30 September 2024)£1,463
Predicted energy price cap (1 October to 31 December 2024)£1,521
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Fixed deals are starting to return to the market but, if you're interested in signing up to one, it's important to check all the details before you commit. When you compare energy with Uswitch you can see all the information you need to judge whether a new deal could work for you, including unit rates, standing charges and exit fees.”

Ben Gallizzi - Uswitch Energy Expert

How can I save energy and manage my bills?

Control your energy with our free app, Utrack

If you’ve got a smart meter, Utrack is a free mobile app that connects to your smart meter and can help you track your energy usage. It will also show you ways to use less energy to make managing your bills easier. Uswitch research shows that bad energy habits can add over £200 to annual energy bills, so this is especially vital when energy prices are high.

You can get:

  • Detailed insights about your home’s energy usage

  • Daily, weekly, monthly and yearly reports and data

  • Energy-saving tips and advice.

Utrack screenshot

What energy help can I get?

If you’re struggling with your energy bills, there is help available. At the very least, energy suppliers are required to have plans in place to help customers who need it. These could include reducing or waiving payments for a while or switching over to a prepayment meter.

The normal winter discount schemes - the Warm Home Discount, Winter Fuel Payment and Cold Weather Payment - all continue to operate.

The government also announced a package of relief measures designed to help the most vulnerable.

These include:

  • £900 for those on certain means-tested benefits to be paid in spring 2023, autumn 2023 and spring 2024

  • £300 for pensioners (in addition to the Winter Fuel Payment) to be paid in winter 2023-24

  • £150 for those on disability benefits to be paid in summer 2023

  • Financial help from the Household Support Fund (via local councils).

Save money on your business energy

Compare prices from trusted UK business energy suppliers and get your next business energy deal in minutes.

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Author: Ben Gallizzi | Last updated: 23 February 2024