Cheapest Energy Suppliers
According to the latest research from the Office for National Statistics (ONS), four out of every ten households across the UK face difficulties paying their energy bills. The same study also revealed that 44% of the UK population is reducing their energy consumption to lower their costs. As a student, you need to choose one of the cheapest energy suppliers in the UK to further reduce your costs of studying in the UK.
Strangely, comparing prices and locating the lowest energy providers could actually drain your energy. But it’s a really simple process from there after you’ve decided on the energy you want to use and from providers such as Octopus Energy, Shell Energy, British Gas, and others.
The main sources of energy usage are your gas, electricity, and broadband bills. Your energy expenses are mostly impacted based on the locality in which you reside and the leading energy supplier in your area. It is important to ascertain whether gas and electricity are included in the rent or if you will need to purchase them separately before moving into a new home.
Cheapest Energy Suppliers In The UK: Key Updates Of 2024
From 1 April 2024, the energy price for a typical household that uses gas and electricity and pays by Direct Debit will go down by £238. This will reduce the energy price cap from £1,928 to £1,690 per year, a reduction of around 12%. The amount you pay will depend on how much energy your household uses, where you live, and the type of meter you have.
Electricity rates for the standard variable tariff (default tariff) with direct debit payment:
- Average rate: 24.50 pence per kilowatt hour (kWh)
- Daily standing charge: 60.10 pence per day
Gas rates: For standard variable tariff (default tariff) with direct debit payment:
- Average rate: 6.04 pence per kilowatt hour (kWh)
- Daily standing charge: 31.43 pence per day
View and compare Energy price cap levels
- 1 April 2024 to 30 June 2024
- 1 January to 31 March 2024
- 1 January 2024 to 30 June 2024 standing charges and unit rates by region
Changes for prepayment meter or Direct Debit customers
From 1 April 2024:
- Prepayment and Direct Debit customers pay the same standing charge (‘levelization’)
- Direct Debit customers pay £10 more per year
- Prepayment customers pay £49 (or £52 including VAT) less per year
Other changes to help energy customers
- Ban on short-term discounted tariffs (acquisition tariffs) extended for another 12 months from 1 April
- Market Stabilisation Charge ends on 1 April
- Energy suppliers have five days (instead of 15) to move customers when switching
- £30 compensation to customers if the 5-day deadline is not met
List of Cheapest Energy Suppliers In The UK
Now that you are familiar with selecting the best energy suppliers, it’s important that you are able to find the cheapest energy suppliers in the UK. In this section, let’s learn about some of the cheapest energy suppliers in the UK you can check with:
Here are the best places to find cheap gas and electricity for your home:
1. Utility Warehouse:
There is one exception to the general rule that most sellers charge the price cap. Utility Warehouse offers lower energy costs than the Energy Price Guarantee the government offers. It is safe to conclude that Utility Warehouse is among the most affordable energy providers. But if you sign up for another service with them, you can save even more money on your energy bills. Broadband, mobile, and insurance are examples of this.
Getting a price and comparing it with your current tariff is worth it, even if you are working with a different supplier.
2. Octopus Energy:
One of the most affordable energy providers is Octopus Energy, a British renewable energy firm. It is becoming more and more well-known for producing 100% green electricity and for creating a future sustainable energy system. In order to pass on the savings to customers, the company keeps their expenses lower than those of other energy suppliers.
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Their reputation as the fastest energy supplier to respond to consumer inquiries stems from their commitment to providing excellent customer service. Both fixed and variable pricing are offered by Octopus Energy, and most customers believe their clear-cut pricing to be more reasonable than that of the “Big Six” energy providers. If you decide to cancel at any point in the future, Octopus Energy will not charge you any exit fees.
3. Shell Energy:
With over 1.4 million UK households receiving electricity from Shell Energy, it has emerged as a popular choice. In addition to its energy offerings, the company provides broadband and smart home technology services.
One of Shell Energy’s most notable advantages is that all of its customers receive 100% renewable electricity, regardless of their chosen plan. For those who opt for the Go Further Plan, both gas and electricity are carbon-neutral.
An added benefit lies in being a member of Shell Energy’s loyalty program, Shell Go+. This program offers a range of perks, including a 10% discount on all Costa Express and Shell hot drinks, as well as a Shell fuel reward for every ten visits.
4. British Gas:
British Gas offers household services and energy. It is among the most affordable energy providers and provides a variety of tariff options, including fixed tariffs, green tariffs, tariffs for electric vehicles, etc. Its fixed-rate tariff is less expensive than what the Energy Price Guarantee offers.
This implies that you can rest easy knowing that your standing costs and unit rates will not change over the term of your contract. It means that your unit rate will not vary despite fluctuations in energy prices. However, there is no danger in obtaining an energy quote from them.
5. Scottish Power:
Scottish Power is a favorite of many when it comes to the best energy suppliers in 2024. It’s a Glasgow-based energy supplier that was founded in 1990 and is leading when it comes to renewable energy.
As a leading energy provider, Scottish Power leverages its extensive network of wind farms across the United Kingdom to generate clean, renewable electricity, which is then supplied to households in an environmentally sustainable manner. Beyond its commitment to green energy, the company offers a comprehensive range of services tailored to meet the diverse needs of its customers.
These services encompass home emergency assistance, appliance care plans, and boiler insurance and maintenance solutions.
Scottish Power has raised an incredible £35 million for Cancer Research UK through its collaboration; this shows that the company is committed to doing more than just supplying energy.
6. Electrocity:
This is the greenest energy supplier in the UK. According to Stroud, Gloucestershire, Company’s clientele consists of almost 100,000 commercial and residential customers. It produces green energy from renewable energy sources like wind, power, hydroelectric, and solar.
Electrocity has received almost 3,300 positive reviews on Trustpilot, a website well-known to gather customer feedback. This energy supplier has an average rating of 3.9/5. It would be fascinating to watch how Electrocity changes to suit their customers’ needs as the demand for green energy increases in 2024.
7. Utilita Energy:
In search of a pay-as-you-go energy provider for 2024? The first and only provider of this kind in the UK is Utilita, so there’s no need to search elsewhere. The CEO of Utilita, Bill Bullen, founded the business, which has revolutionized the energy industry by providing better service at a far more reasonable cost and undermining the power of established providers.
Utilita has set itself apart from other energy providers in the UK market by providing special prices that do not include standing charges. Its customer base is 800000 people. Customers will therefore only be charged for the energy they actually use, and they won’t incur any further fees if they use none at all.
8. Outfox the Market:
Outfox the Market was only established in 2017, yet it has already been named Which’s “Best Energy Supplier of 2021.” The organization is well-known for providing affordable energy usage tariffs, and they regularly launch new deals and plans that are typically among the lowest available. Furthermore, Outfox the Market is proud to acquire all of its energy from sustainable sources.
It’s crucial to remember, though, that Outfox the Market might not always be the most economical choice. It’s important to note that Outfox the Market does not take prepayment meters from clients.
9. EDF Energy:
EDF Energy is a significant energy supplier to the UK and a division of the French government-owned EDF. Moreover, it uses wind, solar, and nuclear energy to generate electricity with zero carbon emissions. Zero-carbon electricity is a basic feature for all of their fixed-home energy clients.
They are dedicated to employing renewable technologies and making investments in low-carbon energy. According to EDF, consumers are largely satisfied with the accuracy and clarity of their invoices. This will be among the most affordable energy providers if sustainability is important to you.
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How To Choose Best Energy Supplier
Let us see some of the main reasons you should consider while choosing the best energy suppliers UK.
1. Green Energy:
If you want to make a positive impact on the environment and are planning to switch your energy supplier, then a green energy option may be the best. As green energy is generated through renewable sources like biogas, solar, and wind, you can save a lot of money! Around 40% of Ireland’s electricity is generated from renewable resources. This figure is set to increase in the future.
2. Customer Service:
When selecting a new energy provider, it’s best to conduct due diligence, which includes looking into their reputation for providing excellent customer service. Luckily, the Commission for Regulation of Utilities (CRU) website makes it simple to assess how well an energy business provides customer service. Each year, the CRU makes available to the public statistics on the number of complaints that each provider has received.
These details are included in their Customer Care Team Annual Report. This information might aid in making an informed choice when selecting a new energy supplier.
3. Single or Dual-Fuel:
It’s crucial to take into account if a possible energy provider provides both gas and electricity (a dual fuel arrangement) or only one of the two (a single fuel arrangement). If you would rather acquire all of your energy from one provider, make sure they offer both; however, many energy suppliers do not.
Dealing with a single supplier is an additional convenience when choosing dual fuel, which is a crucial consideration for numerous houses.
Make it a point to remember that you can also swap suppliers for your electricity and gas in order to take advantage of two different deals. It’s important to consider the pros and cons of each choice in order to determine which is ideal for your home.
4. Online Services:
Before making the move, it’s crucial to investigate the online services provided by your prospective energy provider. Digital bills, an easy-to-use smartphone app, and online account access are all useful resources for controlling your energy use.
It’s a good idea to read online reviews of a specific energy supplier’s mobile app on stores like the Apple and Android app stores if you’re considering downloading it. This might help you make an informed choice by providing you with a clearer understanding of the functionality and user experience of the app.
Conclusion
Getting cheap energy deals is not very difficult once you have a clear idea of what is it that you are looking for. With the energy prices rising, it is better to choose the cheapest electricity provider when you are starting as it will be better for you in the long run.
Whether you are looking for green electricity, sustainable energy, or renewable energy there are only a handful of cheapest energy suppliers and you need to decide between the top four or five.
Other ways of saving on energy bills are by going paperless, ensuring you are not paying for the previous tenant, choosing a dual fuel tariff, opting for fixed tariffs, etc. Saving energy costs is essential to maintain your expenses; hence choose your supplier wisely.
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