Although you may have committed to a fixed energy tariff some time ago, quite a few of them will soon be coming to an end.
Research by price comparison website MoneySuperMarket has found that a total of 110 fixed energy tariffs are ending during April and May, with 52 tariffs finishing this month, and a further 58 ending next month.
Here’s everything you need to know.
Which tariffs are coming to an end?
The tariffs coming to an end include deals from the traditional ‘Big 6’ energy suppliers, alongside challenger suppliers, such as Shell Energy and Octopus.
The Big Six energy suppliers are:
- British Gas-E.On-SSE-EDF Energy-Scottish Power-Npower
Ofgem’s energy price cap limits what suppliers can charge customers on standard tariffs, but there are over 100 tariffs that are cheaper than the current cap level of £1,127.
Are there exit fees?
Many of the 110 fixed rate deals that are ending in April and May include exit fees. However, customers are usually unaware that they are allowed to switch suppliers within six weeks of their tariff end date without being charged a penalty fee. This means that those with a fixed rate tariff ending in April and May can start looking around for a competitive tariff now.
Standard and default tariffs are typically amongst the most expensive energy deals, and can be hundreds of pounds more expensive than the most competitive tariffs.
‘We’re using more domestic energy than normal for this time of year’
Stephen Murray, energy expert at MoneySuperMarket, said, “With everyone spending more time at home as a result of the coronavirus lockdown, we’re using more domestic energy than normal for this time of year – with some suggesting increases in the region of 10 per cent.
“Despite this, the latest figures by Energy UK reveal that energy switches are actually down year-on-year.
“If you’re on one of the 110 fixed rate tariffs that’s coming to an end over April and May, make sure you avoid falling onto your supplier’s costly default tariff by switching to a better deal.
“If you’ve never switched, then now is the time to do it. Energy prices are at a three year low, so it’s a good time to lock in cheap prices.”
What’s a good way of looking at energy deals?
Energy Monitor, which is available on both the MoneySuperMarket website and app, keeps track of your energy deals.
You can sign up for alerts when you get a quote and then select how much you’d like to save.
Energy Monitor will then automatically let you know when there is a deal available with your requested savings.