Jan 21, 2019 - 3min read
To start 2019 right, we’ve got some good news for you… and then we’ve got some even better news.
On the 1st of January, the UK’s first energy price cap came into force - meaning that a limit of £1,137 was placed on how much households on a ‘Standard Variable Tariff’ (SVT) consuming an ‘average’ amount of electricity and gas will be paying for their energy.
The upshot is that some 11 million households on SVTs from the Big 6 energy companies will be seeing an average saving of £84 a year. Happy New Year from Ofgem!
But hold on… here’s the even better news: customers on SVTs could actually make much bigger savings by switching their electricity and gas to a new supplier.
Any of those customers could save over £130 a year by switching to Tonik’s current 19- month fixed tariff – coupled with the savings provided by the price cap, that’s a total of over £200 annual savings for the average customer. You should act quickly, though - this tariff won’t be around forever!
Meanwhile, there’s no guarantee that the price cap is going to stay at its current level; the current rate is set to end in March, at which point Ofgem is going review the price cap. In fact, Ofgem has already said that the cap is likely to rise from April, to reflect the higher cost of wholesale energy.
By contrast, switching to one of Tonik’s highly competitive fixed tariffs will not only save you money but - unlike an SVT or the Ofgem price cap - guarantees that your prices won’t increase for the entire duration of the contract.
So as much as the price cap is generally good news for customers, the most important thing to remember is not to get complacent - the biggest savings can still be had by switching your supplier! Don’t just take our word for it, Money Saving Expert agree too, click here to read their article on the importance of switching energy supplier.
Worried about switching? Don’t be! We go to great lengths to take the hassle out of switching – all you need to do is visit our website, pop your postcode in, as well as a few quick details about your home; we’ll then show you your options and you just need to choose which one suits you best. That’s pretty much it! We’ll do all the hard work for you, including getting in touch with your current supplier, so you can sit back and relax – safe in the knowledge that you’ve saved a bit of money, whilst saving the planet.
If are already on a renewable or green tariff, it could be even more important to act now. Some renewable energy suppliers don’t have to comply with the price cap and are able to charge customers hundreds of pounds more for gas and electricity.
At Tonik, we pride ourselves on offering some of the most competitive green tariffs on the market; we believe in energy prices that are fair for you, us and the planet. Customers of other renewable energy suppliers could save over £300 a year on average by switching to our cheapest fixed tariff. So if you think you are on a green tariff with another supplier, it might be time to check whether you are overpaying!
So don’t settle for paying more - whether you’re on an SVT or you’re already signed up for renewable energy, you could make even bigger savings simply by becoming a Tonik member! Get a quote, and find out how much you can save now!