As everyone is painfully aware, energy prices are skyrocketing due in part to the impact of Russia's invasion of Ukraine.
It has helped cause a cost of living crisis in the UK with people searching for ways to save money on bills and switch, or weigh up energy providers. In April, the energy price cap is set to rise by 54% and money saving experts have advised most people to remain with their current energy providers, stick with a capped tariff, or to move once their deal ends as opposed to in the middle of the crisis.
The energy cap was introduced in 2019 by Ofgem to prevent households on different or default tariffs from being ripped off. Ofgem are in talks about changing the energy price cap every three months in order to help suppliers with the drastic changes to the energy market.
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What are the tariffs for the main UK energy companies?
British Gas
Their energy tariffs for gas and electricity can be found according to your postcode here. As energy tariff rates rise in line with the price cap from April 1, 2022, tariffs remain in flux and unpredictable.
British Gas offers a fixed price tariff for contracts over 10 months as well as green tariffs - which match 100% of the electricity and 10% of the gas with renewable charges while offering fixed prices for over 10 months.
It also offers an energy plus home service option with fixed prices for over 12 months, and an electric vehicle (EV) tariff with fixed prices over 12 months that comes with an installation of an electricity smart meter. Following the energy price cap, rates can expect to look like this:
* Direct debit will cost £1,971 per year
* The prepayment meter will cost £2,017 per year
Octopus
They are offering a new flexible tariff for customers from April 2, 2022, due to the rise in the energy price cap. This tariff is £50 below the price cap for loyal customers with £5m put into the Octopus Assist fund to aid customers that need it the most.
After the energy price cap, rates will appear in the lower regions in comparison to the other energy providers:
* Direct Debit: £1,921 (if you are on the standard tariff before April 2) and £1,969 (if you come off a fix from April 2)
* Prepayment meter: £1,967 (if you were on the standard tariff before March 3) and £2,015 (joining on prepay after March 3)
E.ON
They offer fixed and variable tariffs to suit each customer. These can be viewed and compared by entering your postcode on their website here and scouring through the list of plans on offer.
E.ON and their renewable energy supplier E.ON Next will rise costs after the price cap to:
* Direct Debit: £1,971
* Prepayment meter: £2,017
EDF Energy
They provide a pros and cons list between fixed rate, dual energy, and variable tariffs on their website to help customers choose the best tariffs for them. Rates for EDF Energy will rise to be similar to British Gas:
* Direct Debit: £1,971
* Prepayment meter: £2,017
How are the main energy companies supporting their customers?
British Gas are offering advice and support to their customers who are struggling with rising bills, over at the British Gas Energy Trust. This includes energy debt support across England, Scotland and Wales to any person from any energy suppliers, not solely British Gas customers.
The independent charitable trust runs a debt programme that awards grants to households most in need of monetary support. You can also find out what benefits you are entitled to by checking the Bounce Back checklist that details the benefits and schemes that will help you maximise your income.
E.ON and E.ON Next offer their customers 100% renewable electricity which is a way to make the most out of smaller amounts of energy, however, their prices have still gone up.
