Since the energy crisis started, we're slowly starting to see energy prices are slowly going down. We know some of you may be wondering why we haven't found you a better energy deal and switched you over yet.
All the deals that suppliers are offering right now are the same
Traditionally, fixed deals were much cheaper than standard variable deals, but since the energy crisis began in September 2021, variable deals have become cheaper than fixed deals. The current implementation of Ofgem's Price Cap which sets the maximum rate energy suppliers can bill you for each unit of energy on a Standard variable tariff. Right now, it's only worth switching to a fixed deal if it guarantees a lower cost compared to your supplier's default tariff. Our daily market monitoring indicates that there are no competitive offers in the market. Nevertheless, we understand that some of you may prioritise stability in your energy rates and are willing to accept a slight premium for it. If you fall into this category, switching to a fixed deal at this time might be a suitable choice for you.
What should I do?
Nothing. Switching now will not make a difference in your energy bills.
It is our mission to ensure that all of our members are on the best deal for them. Yes, we will all be paying more for our energy due to the Price Cap. However, Switchd will continue, as always, to make sure you are on the cheapest deals out there.
We scan the market every day, and as soon as a suppliers begin releasing new deals that can save you money on your bills, we will initiate a switch straight away and send you an email with all the details.