✔ There's nothing meaningfully cheaper than the price cap – so for most, switching won't save you money
The standard variable and default tariff ceiling is established by the regulator Ofgem and went into effect on January 1, 2019. If you haven't switched in the previous year or so (or your company went bankrupt last year), you're probably on one.
Previously, the price ceiling was revised twice a year. However, regulator Ofgem has now stated that the quota will be updated four times a year beginning in October.
In April, the ceiling increased by 54% to £1,971 per year on average consumption. The limit is also projected to climb again this winter, with energy consultants Cornwall Insight projecting a 65% increase in October, bringing an average bill to £3,363 per year, before another 8% increase in January.
To be clear, this does not imply it is the maximum anybody will pay. The rates are limited, so if you use more, you'll pay more; if you use less, you'll pay less.
See our What is the energy price cap? Page for additional information.
What are the price cap unit rates? Instructions.
Tariffs with price caps are still the cheapest on the market, although wholesale costs have lately plummeted.
Price-capped variable tariffs have historically been among the most costly packages, but in these exceptional circumstances, they are suddenly the lowest.
There are no considerably cheaper options for new users, and the lowest clear open-market fixed plan is 113% more than the existing price ceiling (approximately £ 2,230 more per year on normal consumption).