The new energy price cap  announced by the energy regulator Ofgem means that energy bills will fall  in July by 7% for a  typical dual fuel household, paying by direct debit. The typical household annual bill will be £1568.

Gas prices will be capped at 6p/kwh (currently 5.48p/kwh) and electricity capped at 22.36p/kwh (currently 28.62p/kwh)

However, the energy analyst Cornwall Insight is forecasting that the price cap  will increase again in October by 12% meaning the average annual household bill will be approx £1762!

So does this mean now is a good time to switch to a fixed deal? There are a number of new deals out there which are worth considering but before you  switch it is important  to look at what is likely to happen over the next 12 months as some of the deals have exit fees which you will pay if you want to leave early!

Here are the list of energy suppliers offering deals worth considering:

• EON Next – Next Pledge v5 ,3% less than price cap (no exit fees)
• Outfox the Market – Fixed Dual Jun24 v1.0, 7% less than price cap (exit fees)
• British Gas – Fixed Jul25 v3, 5% less than price cap (exit fees)
• Octopus Energy– 1 Year Fixed June 2024 v1, 3% less than price cap (no exit fees)
• EDF Energy – Essentials 1 yr Jun 25, same as price cap (exit fees)
• Ovo Energy – 1 Year Fixed, same as price cap (exit fees)

Click on the link below to see more details of these  deals.

Fixed deals worth considering – June 2024

Things to do if your are  still struggling with your energy bills:

Review your direct debit
Your monthly payments are based on estimated annual usage. If your actual usage is less then ask your supplier to reduce these monthly payments. Also ask for a refund if your account is in credit in May!

Pay what you can
If you are struggling to meet your direct debit or quarterly payments then talk to your supplier and ask for an ‘able to pay plan’ based on what you can afford to pay!

Check to see if you can get further help
You may be entitled to further help such as The Winter Fuel Payment or The Warm Home Discount so check to see if you are claiming all that you can!

Useful websites:

Ofgem – energy advice for households

Moneyhelper – free and impartial help with money, backed by the government

AltristEnergy – energy and money saving advice for households or small businesses

For more help and advice on saving energy and money visit our services page