Energy Price Cap Rises £149 a Year! Switch Energy Suppliers before October!

Energy prices fluctuate throughout the year, and whilst the energy price cap fell by 7% on 1st July 2024, it will now rise again in October. The new energy price cap has now been set at £1717 per household, and would cover from October 1st – December 31st. This means now is a good time to shop around and lock in the best deal!

Navigate this article:

• What is the current energy price?
• Why switch from your current supplier?
• Which supplier provides the cheapest energy?
• How can Resooma help?

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 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 supplier whenever you want. They stay 3% less that 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 your can switch to a different British Gar tariff for free.

How can Resooma help?

At Resooma, we know understanding utility bills can be confusing. We want to make renting easier for you, the tenant. So, we consolidate all of your bills into one single monthly payment! You’ll be on a fixed tariff, meaning your price won’t change for the time you are with us. Switching to Resooma not only saves you money on your gas and electricity bills, but easily splits the bills between you and your housemates. No more arguments or owing each other money! When you sign up to Resooma you also receive a FREE Tastecard, so you can save money when eating out! You can get a free no-obligation quote here, and if you sign up before the end of September, you’ll automatically be entered into our competition to win a years free bills!