In this article, we will provide a detailed explanation of the different types of energy tariffs available in the UK and discuss how you can choose the best plan for you. We'll also reveal the most popular energy suppliers in the UK. UK energy supplier plans are typically divided into:
1️⃣ Default Tariff - Standard Variable Tariff This is the supplier's default tariff and:
☑️Does not require an exit fee
☑️Can be switched at any time
☑️Is protected by the government's energy price cap
This is a fixed-price contract where the cost per kWh and standing charge remain constant for a set period. ☑️Requires an exit fee
☑️May not benefit from market price decreases
3️⃣Pre-payment Tariff ☑️This plan is typically used by customers with a pre-payment meter installed at their property.
☑️Requires key/card top-ups Economy 7 and Economy 10 rates with different pricing for peak and off-peak periods
4️⃣ Economy 7
This plan offers seven hours of off-peak rates, typically between midnight to early morning.
5️⃣ Economy 10
This plan offers ten hours of off-peak rates, typically split into two to three different timebands.
☑️These plans require a specific Economy 7/10 meter and an installation fee
☑️Pricing is typically more expensive than standard tariffs, but off-peak rates can be up to 50% cheaper
When selecting an energy supplier plan, it's essential to consider your daily routine, location, energy usage, and circumstances. By choosing the right plan, you can save on your energy bills and reduce your carbon footprint.
To optimize your energy usage and save even more on your bills, you could also consider implementing a smart home energy-saving system.