Energy bills fall back to 2012’s rates as 10 best buys all come in at under £1,000

18th December 2014

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Energy prices are on the way down again, as for the first time in more than two and half years, the 10 best dual fuel – electricity and gas – deals all come in at under £1,000.

Research from switching site Gocompare.com shows that Extra Energy has replaced three of its fixed price deals, claiming top spot with their new Fresh Fixed Price March 2016 v2 and in the process, pushing Green Star Energy’s Green Saver 12 month fixed tariff, priced at £1,022 a year, out of the top 10.

As a result, it is the first time since mid-2012 that the top 10 has been entirely comprised of sub-£1,000 tariffs.

Top ten cheapest dual fuel tariffs

Supplier Tariff Annual cost Early exit fees
Extra Energy Fresh Fixed Price March 2016 v2 £950 £25 per fuel
Extra Energy Merry Christmas Fixed Price Jan 2016 v2 £950 £25 per fuel
First Utility iSave Fixed v41 March 2016 £951 £30 per fuel
Cooperative Energy Fair & Square February 2016 £960 £25 per fuel
Extra Energy Bright Fixed Price March 2016 v1 £961 £25 per fuel
Npower Fixed Energy Online April 2016 £963 None
ScottishPower Online Fixed Price Energy January 2016 £970 None
Ovo Energy Better Energy Fixed (Online) £973 £30 per fuel
Green Star Energy Rate Saver 12 Month Fixed 1412 Paperless £987 £30 per fuel
Sainsbury’s Energy Fixed Price January 2016 £998 £30 per fuel

*Based on dual fuel, payment by monthly direct debit, averaged across all UK regions and for households with an annual energy usage of 13,500kWh gas and 3,200kWh electricity (medium user). Correct as of 17/12/2014.

Jeremy Cryer, of Gocompare.com said: “There can be no doubt at all now – energy prices in the UK are falling rapidly and householders need to make sure they aren’t missing out on savings by being stuck with an out-dated tariff.

“Prices soared in late 2012 and 2013 but since then we’ve seen a steady fall as new, cheaper tariffs have been introduced leading us to the situation we’re in now where the best buy prices are rolling back the years and homeowners should be able to cut their energy costs this winter. There are lots of good fixed deals to be had right now, and they are certainly a far better option than any supplier’s standard tariff.”

For those worried about switching to a fixed deal in case a better one appears in a few weeks’ time, Cryer noted that such individuals should bear in mind that some suppliers do not charge an early exit fee, while others charge very little.

“Signing up with these providers is less risky should you wish to switch away again part-way through your contract. That said, others charge as much as £30 per fuel for early exits, so any savings have to be quite substantial to justify taking a hit of up to £60 to leave before the end date.

“This is why it’s so important to shop around carefully, and check that you’re happy with everything – the cost, any exit fees, the account management options, and payment type – before you sign up. Comparison websites make this task easy, saving you lots of time in the hunt for a good energy deal,” added Cryer.

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