Published On: Thu, May 16th, 2024
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Octopus Energy, British Gas and EDF’s cheapest fixed tariffs available today | Personal Finance | Finance

Britons are being urged to check if they can save “hundreds” of pounds on their energy bills as thousands of fixed tariffs are soon due to end.

A number of energy providers, from Octopus Energy and British Gas to Ecotricty are all offering deals up to nine percent cheaper than Ofgem’s current energy price cap, according to new research from

The same research found more than 320,000 households could qualify to make a saving worth up to £410, depending on the deal they choose.

Competitive fixed deals lower than the price cap started returning to the energy market last summer, resulting in 324,715 consumers switching in June and July 2023.

Those 12-month deals will finish by July 2024, with consumers automatically rolling onto the price cap unless they sign up for another fixed tariff.

If all of those households signed up for the cheapest deal currently available, the comparison and switching service said they would save £133million between them compared to their current energy bills.

The current price cap, which runs until the end of June, is set at £1,690. This means the average household with typical usage would save around £260 when moved onto the standard price-capped variable tariff from their current fixed deal.

The recently announced Ecotricity One Year Fixed Tariff is the cheapest, coming in at £1,540. It is priced £20 below the predicted price of the July cap of £1,560.

Households who signed up for a fixed deal last summer can benefit from even cheaper rates in the coming weeks, as Uswitch notes it’s possible to leave 49 days before a tariff ends without paying any exit fees.

Here are the top five fixed-term energy tariffs available to new customers that work out cheaper than the current price cap, according to Uswitch.

  • Ecotricity – 1 Year Fixed Electricity – £1,540 – nine percent cheaper
  • Outfox The Market – Fix’d Dual May24 v2.0 – £1,563 – 7.5 percent cheaper
  • British Gas – Fixed Tariff 12M v4/Fixed Lighter 12M v3 – £1,580 – 6.5 percent cheaper
  • Octopus Energy – Octopus 12M Fixed – £1,589 – six percent cheaper
  • EDF – EDF Essentials 1Yr May25 v2 – £1,590 – six percent cheaper
  • E.ON Next – Next Fixed v15/Next Gust v6 – £1,640 – three percent cheaper.

Elise Melville, energy expert at, commented: “Households who signed up for a fixed energy tariff last summer should get a new deal as soon as possible, as they could save hundreds of pounds.

“Those whose tariff started in July last year need to act now – as they can leave their current tariff up to 49 days before it ends without paying any exit fee.

“The deals available are the lowest we’ve seen since late 2021, with some fixes even cheaper than the predicted forthcoming price cap, which will be announced next week.

“Consumers wanting to benefit from these cheaper deals may need to act fast to lock in these rates while they are available. Signing up for a fixed deal is the only way to lock in certainty over what you will pay for a set period of time, and prices are expected to rise again this winter.”

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