Lock in your Energy Before Prices Rise in October | Energy Price Rise

Energy prices fluctuate throughout the year, and whilst the energy price cap fell by 7% on 1st July 2024, Ofgem have now announced that it will rise again in October! The new energy price cap is set at £1,717, and will cover from October 1st – December 31st. This means now is a good time to shop around and lock in the best deal!

What is the current energy price cap?

The current energy price cap is at £1,568 per year, which is down from the previous quarter, which was at £1,690. On Friday 23rd August, Ofgem announced that the energy price cap will rise in October, to £1,717 a year, for a typical UK household. This is an increase of 10% compared to the cap set between 1 July to 30 September 2024.

Why switch from your current supplier?

You may think switching energy suppliers for all of the properties that you manage will be a stressful ordeal, but taking the time to find the best deal will save you money in the long run. You could save up to £300 a year just by switching energy suppliers!

Which supplier provides the cheapest energy?

EDF Ensure is a tracker and not a fixed tariff but stays £50 less than EVERY price cap. This deal guarantees that you’ll pay less that the energy price cap for 12 months. However, if you find a cheaper tariff and want to switch before the 12 months is up, there is a £50 exit fee.

E.on Next Pledge is also a tracker and not a fixed tariff, but this supplier doesn’t have any exit fees, so you are free to switch suppliers whenever you want. They stay 3% less than the energy price cap, so you will save a little each month.

Outfox the Market works out to be around 1% cheaper than the current energy price cap, and this tariff will save you between £15-£20 a year. There is, however, a £50 exit fee.

Octopus offer no exit fees, but works out about the same as the energy price cap, so no savings necessarily, but a fixed tariff means you know exactly what you are paying for the next 12 months.

EDF Energy also works out as roughly the same price as the energy cap, again meaning no savings here, but there is a £50 exit fee if you wish to switch within 12 months.

British Gas’s fixed tariff actually works out to be around 2% more expensive than the current energy price cap! They also require £100 for the exit fee, or you can switch to a different British Gar tariff for free.

How can Resooma help?

At Resooma, we consolidate all of the monthly bills across your portfolio into one single monthly payment. Our energy prices don’t fluctuate as we buy all our energy at the start of the year. This means we can offer you a great fixed unit rate of £0.2766p per kWh for energy, and £0.0806p per kWh for gas! Switching to Resooma not only saves you money on your gas and electricity bills, but offers you a multitude of ways for making your properties more efficient, resulting in a happier working environment and great guest stays.

Bundling the bills from your portfolio will help reduce the stress in your team. We can install smart meters for free, meaning less time spent travelling to all the properties collecting meter readings, and more time spent doing important tasks. Smart meters also help calculate the cost of your energy better, as they take daily readings, helping you save money.

WiFi is a must have in short-term lets and serviced apartments where people usually stay for work, so ensuring the WiFi connectivity is strong, is a must! When searching for new properties to add to your portfolio, Resooma can send out a WiFi engineer who will survey the building and let you know of any connectivity issues that may arise. If there is potential for some WiFi issues, Resooma can install WiFi mesh, allowing for all guests to seamless stay connected to the internet.

To summarise, switching energy suppliers can save you a lot of money, and it needn’t be as complicated or taxing as you may think it is. If you want to learn more about Resooma, contact our team here 👈