Compare Electricity Prices 2024
With the market opening again, it is time to take back control of your electricity bill.
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Can I Switch Electricity Suppliers?
The new price cap level has opened up the opportunity for UK households to finally switch suppliers again. The price cap drops below the government’s Energy Price Guarantee. This means the price cap has now become active again and will limit the amount suppliers can charge on their unit rates and standing charges.
Although energy prices are still high in comparison to just a few years ago, it shows signs that the market is becoming stable. This allows suppliers to offer competitive tariffs again.
How to Compare Electricity Prices & Switch With Us
Our simple comparison service helps you find the right deal.
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It starts with your address and some other quick questions so that we can help you find great electricity deals.
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In seconds, you will have access to great deals. You can review the best deals and pick the tariff that is right for you.
We’ll handle the switch
There's no obligation to switch with us. If you do decide to switch, we'll handle everything letting your old and new supplier know you're switching.
Should I Get A Fixed Electricity Deal?
Electricity suppliers are starting to release deals cheaper than the current price cap level. Most UK households are currently paying a more expensive variable rate. There’s no guarantee that prices will remain lower as it is difficult to predict the future.
If you find an attractive fixed-rate deal, it could be worth switching to secure yourself against future fluctuations.
On the flip side, if you decide to stay on your variable tariff, you will continue to pay the price set by the market at any given time. This changes from month to month. If you did decide to switch, there’s still the option to cancel mid-contract, although you may face an exit fee (usually around £30 per fuel). It is up to you to decide based on your circumstances if a fixed-rate deal is right for you.
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DID YOU KNOW?
49% of consumers say they have never switched energy supplier, or have only switched once.† Make sure you're not missing out on better energy prices.
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Future Energy Price Cap Projections
Cornwall Insight, an industry analyst, has released some projections of how prices could fluctuate later in 2023 and into 2024.
From this projection, it improves and increases a little more towards the back end of winter. Of course, these are just projections. Prices could increase further or come down a little bit more.
*These projections are based on average UK household usage and prices may be different for you.
| Average Price Per Month | Average Price Per Year | |
|---|---|---|
| Energy Price Guarantee Until 30th June 2023 | £208.34 | £2,500 |
| Ofgem’s Price Cap Announcement From 1 July 2023 | £172.84 |
£2,074 |
| Cornwall Insight Projection For October 2023 | £164.67 | £1,976 |
| Cornwall Insight Projection For January 2024 | £170.42 | £2,045 |
What Electricity Tariffs Are Available?
If you’re looking to weigh up your options and look for any alternatives to the popular fixed-rate tariff and a change from your pricey variable tariff, there are alternatives.
Fixed-Rate
Your unit rate and the standing charge are locked-in. If the price of electricity increases, the price you pay remains the same. This also works the other way if prices decrease.
Variable-Rate
Most UK households are on this tariff. The price you pay changes from month to month based on current wholesale prices and the price cap level.
Dual Fuel Tariff
If you would like to manage gas alongside your electricity tariff, a dual fuel tariff allows you to do so. Some suppliers will offer a discount if you switch both to them.
No Standing Charge Tariff
A daily standing charge is a fee covering the cost of supplying the property. As unit rates are typically slightly higher on these tariffs, they are a great option for houses that are only occasionally in use.
Prepayment Tariff
This is a ‘pay as you go’ electricity box that is installed in your home. These are powered by a ‘key’ or smart card that can be topped up. This means you pay for your electricity before you use it. Customers can top up in participating shops and online.
Green Tariff
If you would like to reduce your carbon footprint and environmental impact, a green tariff is for you. Some suppliers will offer 100% renewable electricity, putting naturally sourced energy back into the grid.
Electricity FAQs
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How often can I switch suppliers?
There’s no limit on how many times you can switch suppliers. However, you may have to pay an early exit fee if you leave before the end of your contract. This is usually £30 per fuel.
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How often does the price cap change?
The price cap now changes every three months. Wholesale prices are reviewed in January, April, July and October.
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How long does it take to switch suppliers?
Most suppliers are signed up for the Energy Switch Guarantee. This means it should take no longer than 5 working days from the date your new supplier receives an application. Your supply will not be interrupted at any point.
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Can I switch suppliers if I owe money?
Yes. However, your old supplier will send you a final bill that will need to be paid in full.
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Can I get a smart meter?
Every UK household is eligible for a smart meter. You should contact your supplier to arrange installation.
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Can I switch electricity suppliers if I rent?
Yes. You can switch suppliers if you live in a rental home. The only exception is if your landlord has included your energy in your rent. In this case, you have to seek permission to switch and any changes to the meter.
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What is an MPAN?
This is a unique number that identifies your electricity meter. This ensures you’re not charged for someone else’s electricity! You can find this number on your bill or your meter.
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Who is Ofgem?
Ofgem is the energy market regulator and they operate independently from suppliers. They are set up to protect customers from any unfairness in the market and to regulate suppliers.
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Can I switch if I have a prepayment meter?
You can switch if you have a prepayment meter. You will need to look for applicable tariffs when you compare with us.
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How do I find out who my electricity supplier is?
There are several ways you can find this information:
- Locate a recent electricity bill
- Contact the Meter Number Helpline (0870 608 1524). This number charges 7p per minute
- Ask your estate agent who the property supplier is
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How do I avoid exit fees when switching?
Exit fees generally tend to cost around £25 to £30 per fuel but this does depend on which supplier you’re with. We've seen exit fees as high as £80 per fuel in 2023.
Certain suppliers both large and small may charge you more, particularly if you’re on a longer two-year tariff, but some others don’t charge any exit fees at all!
Industry regulator Ofgem has ruled that your energy supplier can’t charge you any exit fees if you switch within the last 49 days (or 7 weeks) of your contract.
Don’t worry about forgetting the end date of your tariff. Your energy supplier is legally obligated to inform you that your tariff is coming to an end 49 to 42 days before, which gives you plenty of time to find a great new deal using our expert comparison tool.
The cooling-off period refers to the 14 days after you sign up for a new energy deal within which you’re allowed to cancel that deal penalty-free.
If you do decide not to go ahead with your new deal, you won’t be charged any exit fees.