Which is the Cheapest Energy Supplier in the UK?

With no end in sight to the gas and electricity price cap, you might wonder if there’s any point searching for the cheapest energy supplier right now.

While it’s true that traditional price competition is on hold, energy companies have started to get creative with their tariffs in ways that could still save you money or give you some respite from a volatile market.

To give you a snapshot of some of the best value deals, I’ve compared quotes for variable, tracker and fixed tariffs below.

Cheapest Fixed, Variable and Tracker Tariffs

The fact that a fixed tariff from Home Energy (via Energylinx) is the cheapest overall deal in my search is a good indicator of where market competition is focused right now.

It might save a healthy £121 on the price cap, but if analysts predictions of a 14% drop in the cap in April are accurate, it won’t be cheap for long.

However, it’s also the only fixed deal with no exit fees.

If that deters you from fixing, then the lowest priced standard variable option is from So Energy (via My Utility Genius), with a £94 annual saving. That’s closely followed by Outfox the Market, which beats the price cap by £74 per year.

The only true price cap tracker that is open to new customers is from E.on Next (direct), whose Pledge tariff is guaranteed to always be £50 less than the cap.

That might sound like a no-brainer, but there are cheaper variable tariffs which don’t lock you into a contract for 12 months with £50 exit fees.

Here are the full results sourced from Energylinx, My Utility Genius and direct from E.on Next.

*Prices and tariffs correct at 17/01/2024 and based on Ofgem averages for a medium energy user in the East Midlands.

Who is the Cheapest Supplier

Whilst the above results show that Home Energy, So Energy and E.on Next have the lowest prices in my search, it’s impossible to say which provider will definitely be the cheapest for you without a specific comparison.

The best tariff for one customer won’t always be the same for another.

There are just too many factors to consider that can affect the price you pay, for example:

• Your location: this affects the standing charge you pay. Different regions have their own energy distribution networks, which charge suppliers for infrastructure at different rates.
• Your meters: the type of meters you have can dictate your tariffs and unit rate. For example, if you have an economy 7 meter, you will pay different rates for your electricity.
• Market conditions: wholesale rates are changing daily, so the cheapest supplier today could be knocked off the top tomorrow.

As always, do your own comparisons based on actual usage and keep an eye on the latest price cap predictions.

How To Find The Cheapest Energy Supplier for You

The most effective way to discover the cheapest energy supplier for your region and property is to use one of the free energy price comparison websites.

Simply by entering your post code and a few details about your previous energy bills, you can see a list of companies on your screen in seconds, sorted by price.

Which energy comparison sites are best?

In my tests, the energy comparison websites that quoted the lowest prices from the widest choice of suppliers were Energylinx, My Utility Genius and Uswitch.

The crucial points to remember when using an online energy comparison service are:

• Use three or more comparison sites to ensure you cover as much of the market as possible.
• Make sure they are Ofgem accredited — Ofgem is an industry watchdog and ensures that consumers consistently get accurate, transparent and unbiased information from price comparison services.
• Enter your actual energy usage in kWh rather than a monetary amount or estimate.
• On the results page, check that the filter option is set to show all deals, not just the ones they can switch you to.

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