A number of leading energy suppliers including E.on Next and British Gas have launched brand new fixed-price energy tariffs that beat the October Energy Price Cap. Ofgem announced last month that the Energy Price Cap is set to rise by almost 10% on the 1st of October 2024, with the average dual-fuel energy bill increasing from £1,568 to £1,717 per year.
Below, we reveal the latest fixed-price energy deals that work out cheaper than the October Energy Price Cap. For a full roundup of the best fixed-price energy deals in the UK, read our article 'What is the cheapest fixed-price energy tariff?'
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Latest energy deals that undercut the October Energy Price Cap
Outfox the Market - (Oct 24 Fixed Dual v1.0)
Outfox the Market is currently offering a fixed 12 month tariff for both new and existing customers. It is available as a dual-fuel tariff only and works out to roughly £10 per month cheaper than the October Energy Price Cap. This tariff charges a £50 exit fee.
E.on Next - (Next Fixed 12m v26)
E.on Next has a fixed 12 month tariff available to both new and existing customers. It is available as a dual-fuel or electricity-only tariff and works out to roughly £7 per month cheaper than the October Energy Price Cap. This account can only be managed online, meaning you have to have (or be willing to have) a smart meter installed. This tariff charges a £100 exit fee.
British Gas - (Fixed 12m v15)
British Gas has a fixed 12 month tariff which is available to both new and existing customers. It is available as a dual-fuel, electricity only or gas-only tariff and those choosing dual-fuel can save roughly £7 per month when compared to the October Energy Price Cap. You do not need a smart meter to qualify for this tariff and it has a dual-fuel exit fee of £100.
Is now the right time to fix your energy tariff?
The energy price cap is set to rise to £1,717 on 1st October 2024, where it will stay until 31st December 2024. Early predictions from expert energy analyst Cornwall Insight, suggest the Energy Price Cap could rise to £1,762 in January 2025, which represents an increase of around 3% when compared to the Energy Price Cap for October. It is worth pointing out, however, that many factors can influence wholesale energy costs so predictions regularly change. If you are worried about rising energy costs, now may be a good time to lock in a good deal, as there are a number of fixed-price energy tariffs that work out cheaper than the October Energy Price Cap.
If you are not ready to commit to a fixed-price energy tariff then you could consider a variable tariff that comes with fixed discounts. E.on Next and EDF both offer a variable energy tariff that guarantees to stay £50 below the Energy Price Cap (£25 for single fuel with EDF). For more on whether now is the right time to fix your energy prices, check out our article, 'Should I fix my energy prices?'
The best way to check out all of the best energy deals on the market is by using Uswitch's energy comparison tool*. It allows you to easily compare the best energy deals and you can start your energy switch in just a few clicks.
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