Sainsbury’s Energy’s Energy Fixed Price March 2018 will set the average household back by £1,316 a year and carries a £50 per fuel cancellation fee. The tariff is just £52 more expensive than the average standard plans available from the big six energy suppliers.
The Energy Fixed Price March 2018 is three months longer than the next longest plan, npower’s Price Protector December 2017 tariff, which is on average £100 per year less expensive. npower’s plan does not carry any cancellation fees, making it a great choice for anyone looking for a flexible, long-term option.
Cheapest energy plans on the market
Sainsbury’s Energy’s new plan is roughly £300 per year more expensive than the current cheapest plan on the market, Spark Energy’s Direct Debit Advance 3, priced at £1,025 a year. The latter does not, however, offer the protection of fixed rates and requires advance payments.
Those seeking cheaper, short term fixed plans, should consider First Utility’s iSave Fixed v14 July 2015 plan, which costs an average of £1,037 per year and locks in energy rates until 31 July 2015. This plan also carries a £30 per fuel cancellation fee.
‘Strong contender in today’s market albeit […] with a hefty price tag’
Tom Lyon, energy expert at uSwitch, said: “While many consumers have been left disappointed by the way suppliers have handled the levy-led price cuts, the launch of a new longest fix term plan on the market shows that competition is still alive and kicking.
“This new offering from Sainsbury’s Energy gives consumers over four years of sanctuary from future price hikes. This peace of mind makes it a strong contender in today’s market albeit that it comes with a hefty price tag. I strongly urge consumers, if they haven’t already done so, to see how their current tariff stacks up against the very many new competitive deals that are on the market.
“There are substantial savings to be made which could significantly improve on the price cuts that suppliers have made.”
Tariff prices are based on a medium user consuming 3,200 kWh of electricity and 13,500 kWh of gas on a standard dual fuel tariff, paying by monthly direct debit with bill sizes averaged across all regions