British Gas, OVO, EDF, EON, Octopus customers warned about price hike (Image: Getty)
Customers with , OVO, EDF, EON, and Octopus Energy have the opportunity to avoid the full impact of this price increase by securing a cheaper fixed-rate deal.
From October 1, energy bills will rise to an average of £1,717 a year, up from the current £1,568 – a 10% increase under Ofgem’s price cap. However, households could save money by locking in a fixed-rate tariff that beats the upcoming price cap.
Currently, the cheapest fixed-rate deal is offered by Outfox the Market at £1,555 a year, which is £162 less than the new price cap.
This could provide significant savings for those who act quickly.
According to Uswitch, several other fixed-rate deals are also available below the new cap. British Gas’ Fixed Tariff 12M v16 is priced at £1,612, offering a £105 saving.
Households who take action can reduce the impact of a £149 price hike (Image: Getty)
Co-op Energy’s 15M Fixed September 2024 v1 is available for £1,626, saving customers £91.
Octopus Energy’s 15M Fixed September 2024 v2 also offers a £91 saving with a price of £1,626.
E.ON Next’s Next Gust 12M v11 / Next Fixed 12M v26 comes in at £1,626, while Sainsbury’s Energy’s Fix and Reward Fixed 12M V26 is priced at £1,656, offering a £61 reduction.
Other options include EDF Energy’s Essentials Fixed 1Yr Sep25v3, which saves £59, and Ovo Energy’s 1 Year Fixed August 2024 at £1,660, with a £57 saving.
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Customers have 72 hours to escape £149 charge (Image: Getty)
Co-op Energy’s Community Power 15M Fixed September 2024 v1 offers a small £26 reduction.
Meanwhile, So Energy’s Sunflower 1yr Fixed tariff saves £12 compared to the new cap.
However, Uswitch warns that some of these deals carry exit fees of £50 per fuel, affecting customers with British Gas, E.ON Next, Sainsbury’s Energy, Ovo Energy, and So Energy.
Taking action before the new cap takes effect could make a noticeable difference in household energy costs, experts say.