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First:Utility’s new tariff could save customers £370.00 a year

06 November 2014

Whilst OVO’s new tariff takes second place in the ‘Best Buys’

First:Utility have launched a new short fixed tariff which has jumped straight to the top of the best buy tables and could save a typical energy customer £370.00 a year. Within 24 hours OVO Energy released their new Better Energy Fixed (Online) tariff to take the current runner up slot in the list of best short term fixes.

The First:Utility iSave Fixed v37 March 2016 is a paperless billing tariff and will cost the average householder £960.49 a year. This tariff could save an average customer £370.00 a year compared to the typical tariff cost of £1330 calculated by Ofgem. Customers can choose to pay an extra £24 a year to receive paper bills.

Prices will be fixed until 31st March 2016 and there is a cancellation fee of £30 per fuel if customers leave this tariff after the supply start date and 49 days prior to the tariff end date.

OVO Energy’s Better Energy Fixed (Online) tariff is a 12 month fix and will cost the average householder £973.00 a year with a £30 per fuel early cancellation fee.

First:Utility have also released a longer term tariff called the iControl Fixed v38 January 2018. This is also a paperless tariff costing an average householder £1169.49 a year. Prices are fixed until the 31st of January 2018 but it does carry a hefty £50 per fuel early cancellation fee and customers can again choose to pay £24 a year extra to receive paper bills.

Average prices by region for current average usage figures i.e. gas 13,500 kWh per annum and electricity 3,200 kWh per annum, dual fuel, and payment method is monthly direct debit.

Region

iSave Fixed v37 March 2016

iControl Fixed v38 January 2018

Eastern

£921.67

£1,150.32

East Midlands

£940.22

£1,137.57

London

£944.85

£1,166.13

Manweb

£994.90

£1,207.22

Midlands

£940.85

£1,147.94

Northern

£952.86

£1,164.57

Norweb

£956.28

£1,163.98

Scottish Hydro

£993.97

£1,187.09

ScottishPower

£954.64

£1,144.99

Seeboard

£965.48

£1,174.39

Southern

£954.24

£1,190.37

Swalec

£985.13

£1,177.63

Sweb

£1,012.31

£1,215.69

Yorkshire

£929.49

£1,145.01

AVERAGE

£960.49

£1,169.49



Top ten cheapest dual fuel tariffs including short fixes

Supplier

Tariff

Annual cost

Early exit fees

First Utility

iSave Fixed v37 March 2016

£960

£30 per fuel

OVO Energy

Better Energy Fixed (Online)

£973

£30 per fuel

Extra Energy

Fresh Fixed Price Dec 2015 v1

£974

£25 per fuel

 E.on

Fixed 1 Year v12

£975

£5 per fuel

Npower

Online Price Fix November 2015

£1,000

none

Green Star Energy

Rate Saver 12 Month Fixed 1410 paperless

£1,004

£30 per fuel

Sainsbury’s Energy

Fixed Price November 2015

£1,005

£30 per fuel

Extra Energy

Bright Fixed Price Nov 2015 v1

£1,014

£25 per fuel

Cooperative Energy

Fair and Square December 2015

£1,017

£25 per fuel

SSE

Direct

£1,029

£30 per fuel



Based on dual fuel, payment by monthly direct debit, averaged across all UK regions and for households with an annual energy usage of 13,500kWh gas and 3,200kWh electricity (medium user). Correct as of 06/11/2014.

Jeremy Cryer, energy spokesperson at Gocompare.com, said: “This is more good news for householders. This time last year energy price rises were coming thick and fast but in the last week we’ve seen some great new short term fixed tariffs from OVO, E.ON, Extra Energy and now First:Utilty all of which will give customers protection from price increases throughout this winter at least.”

“First:Utility’s longer term fixed tariff, the iControl Fixed v38 January 2018, gives consumers greater surety of their bills for the next 3 years but as it costs on average over £200 a year more than the new iSave tariff, customers choosing the iControl will be betting on there being some substantial price rises to come.”

“With older tariffs coming to an end each month it’s important that householders compare the new deals available to ensure they remain on a competitive tariff that’s suitable for their needs. Doing nothing can be an expensive option as energy suppliers’ standard tariffs are often the worst value if you’re looking to save money.

“Although many fixed tariffs have early exit fees Ofgem has made sure that customers on soon-to-expire fixed tariffs can shop around without being penalised. Under these rules, once you receive notification from your supplier of your fixed tariff coming to an end – typically 42 to 49 days before it’s due to finish – you can switch without being charged an exit fee. That may seem like a long notice period, but it can take that long to complete the switch to a new supplier, so acting quickly will help ensure you don’t pay more than you need to for longer than is necessary.”

For more information on switching energy supplier, read Gocompare.com’s guides, here: http://www.gocompare.com/gas-and-electricity/guide/

-ends-

Notes to editors:

* Saving calculated against an average bill £1,330 as calculated by Ofgem August 2014