A MAJOR energy supplier if offering customers the chance to fix and lower their bills for the next 12 months, but time is running out.
Households have only a few hours left to save up to £300 on their annual energy costs before the deal expires at midnight tonight.
The EDF Simply Fixed May26 is priced at £1,549 a year – £300 below Ofgem‘s current price cap and £134 cheaper than Cornwall Insight’s July price cap forecast.
This deal could benefit millions, as over 22million households on standard variable tariffs remain directly impacted by the price cap which changes every three months.
Currently, the price cap sets annual energy costs at around £1,849.
Analysts at Cornwall Insight predict this will drop by nearly 9% to £1,683 in July.
However, many households may still pay more than Ofgem’s headline figure.
This is because the price cap doesn’t cap total bills but limits the maximum cost per kilowatt-hour (kWh) of gas and electricity, along with daily standing charges.
By choosing a fixed deal, customers can lock in consistent rates for a set period, potentially avoiding fluctuations in energy prices.
Of course, opting for a fixed energy deal carries the risk that, if energy prices drop further, you might end up paying more than you would on a variable tariff.
However, analysts have long said that households should not anticipate any significant drops in prices this year.
Elise Melville, energy expert at Uswitch.com, said: “While the energy price cap is predicted to fall to £1,683 in July, the top fifteen fixed tariffs currently available are already priced lower than this.
“Locking in cheaper rates now can offer valuable protection against any future price fluctuations.
“With some of the best deals offering fixes of 12 months or longer, it’s a great time to run a comparison to see what you could save.”
If you’re interested in signing up for the EDF’s fixed tariff, you can do so by visiting uswitch.com/gas-electricity.
It’s worth noting that while EDF’s offer is the most affordable among the “Big Six” suppliers, a smaller provider is offering an even cheaper fixed-rate deal.
Outfox the Market’s Fix’d Dual May25 12M v4.0 tariff, costs a typical household £1,530 a year.
This means it is £319 cheaper than Ofgem’s April price cap and £153 a cheaper than the predicted cap for July.
It comes with a £50 exit fee per fuel or £100 if you lock in with a dual fuel tariff.
How can I find the cheapest fixed deals?
To find the best fixed energy deals, start by visiting price comparison websites, which aggregate various offers from different energy suppliers.
The best sites include Uswitch.com and MoneySavingExpert’s Cheap Energy Club.
Enter your postcode and current energy usage details to receive a list of available deals tailored to your needs – it’ll take you less than five minutes.
You’ll then be able to compare the rates, contract lengths, and any additional features or benefits offered by each deal.
Next, visit the websites of individual energy suppliers to check if they have exclusive deals that are not listed on comparison sites.
Sometimes, suppliers offer special promotions or discounts directly to customers.
Compare these offers with those on the comparison websites to ensure you get the best possible rate.
Finally, consider customer service reviews and the overall reputation of the suppliers.
Once you have identified the best deal, follow the instructions to switch your energy provider.
What energy bill help is available?
There's a number of different ways to get help paying your energy bills if you're struggling to get by.
If you fall into debt, you can always approach your supplier to see if they can put you on a repayment plan before putting you on a prepayment meter.
This involves paying off what you owe in instalments over a set period.
If your supplier offers you a repayment plan you don’t think you can afford, speak to them again to see if you can negotiate a better deal.
Several energy firms have schemes available to customers struggling to cover their bills.
But eligibility criteria vary depending on the supplier and the amount you can get depends on your financial circumstances.
For example, British Gas or Scottish Gas customers struggling to pay their energy bills can get grants worth up to £2,000.
British Gas also offers help via its British Gas Energy Trust and Individuals Family Fund.
You don’t need to be a British Gas customer to apply for the second fund.
EDF, E.ON, Octopus Energy and Scottish Power all offer grants to struggling customers too.
Thousands of vulnerable households are missing out on extra help and protections by not signing up to the Priority Services Register (PSR).
The service helps support vulnerable households, such as those who are elderly or ill.
Some of the perks include being given advance warning of blackouts, free gas safety checks and extra support if you’re struggling.
Get in touch with your energy firm to see if you can apply.