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Fix your energy tariff for a year with OVO and protect yourself from future price cap increases.
Exclusive
Exclusive to MONY Group - you can't apply via other comparison sites.
OVO
1 Year Fixed 10 October 2024
Estimated cost (average household)
£1,638 per year
Under price cap?
Yes
Estimated savings (average household)
£79
Exit fees
£50 per fuel
Great for
But be aware that
Exit fee of £50 per fuel applies.
Paperless billing - account managed online.
Prices are fixed for 12 months.
12 month fixed tariff paid by monthly direct debit.
Exit fees apply if you leave more than 49 days before the end of your contract term.
Access to OVO Beyond - exclusive rewards and discounts for OVO customers.
Average annual cost of the OVO 1-year fixed tariff compared to the price cap: £1,638 vs £1,717 (October-January). That’s a saving of £79 per year.
With fewer tariffs on the market, finding deals that save you money is harder.
Under the current price cap, energy bills for the average household have risen by 10%, so fixing your tariff if it's in line with the current price cap could protect you from future increases - though analysts expect it to hover around £1,700 throughout 2025.
We recommend comparing energy prices and checking if they are cheaper than what you currently pay.
By comparing energy tariffs with us you will be automatically subscribed to our Energy Alert Service, so you don't miss out on savings as new deals and exclusive energy tariffs become available.
You can opt out of the service at any time.
The energy price cap is set by Ofgem, the energy regulator, and limits how much an energy company can charge its customers for each kilowatt-hour (kWh) of gas and electricity they use.
The current cap, which applies from 1st October to 31st December 2024, stands at £1,717 for households who are on dual fuel standard-variable tariffs and who pay by direct debit.
That represents a rise of £149, or 10%, from the last cap, when the average annual outlay for households with the same type of energy tariffs and payment method was £1,568.
The latest Price Cap, which took effect on the 1st of October, increased to £1,717 per year for an average household. This means energy rates per kWh are currently set at:
24.50p per kWh for electricity, with a 60.12p per day standing charge.
6.24p per kWh for gas, with a 31.66p per day standing charge.
While electricity and gas prices have fallen since the summer of 2022, they’ve remained higher than their pre-COVID-19 rates.
According to MoneySavingExpert, the price cap will rise again in January, before falling from April 1st 2025. Note that these are predictions, and energy rates are not guaranteed to fall in 2025.
Period | Prediction | Confidence |
|---|---|---|
From 1 October | £1,717 | Confirmed |
From 1 January 2025 | £1,732 | Strong |
From 1 April 2025 | £1,722 | Weak |
From 1 July 2025 | £1,693 | Very Weak |
Ready to shop around for a better deal? We’ll handle your switch and you can be with your new supplier within five working days
Get a quote in minutes by telling us your address, current supplier, and your energy usage.
Compare energy suppliers to get the cheapest deal - be sure to consider exit fees and if it's fixed rate or variable.
Once you’ve started your switch you won’t need to do a thing – the suppliers take care of everything. If you haven't found a tariff to your liking, you can sign up for price alerts so you don't miss out on new deals.
With the energy crisis still ongoing, things to consider when deciding if a supplier is better for you include:
Whether their tariffs come under the current Price Cap (£1,717 a year) – if so, that's a decent deal by today's standards
Whether to switch to a fixed energy deal – usually, switching to a fixed-rate deal will save you money if it's under the price cap, but it's still uncertain whether prices will go up or down in 2025
Other factors to think about include:
Overall customer satisfaction with smaller suppliers is higher on average than that of larger firms.
If you'd prefer your energy supply to be part or fully renewable.
If they offer smart meters, so you'll pay for your actual usage rather than an estimate. You can also see exactly what you use, and make use of cheaper off-peak rates
After signing up for a tariff you could be switched within just five working days. Although there may be a slight delay if the supplier requires more information. You'll still retain your right to cancel within a 14-day period.
Alternatively, you can wait for the switch to complete after your cooling-off period, in which case your switch should be completed in around 15 days. However, your new supplier may give you the option to choose a switch date up to 28 days ahead.
Your new energy supplier will get in touch with your old supplier and agree a switch date. They’ll tell you when this will be.
They also contact you around the time of the switch to ask for a meter reading. They pass this on to your old supplier, so they can send you a final bill.
Your new supplier takes care of all the admin too, so you can relax. To put your mind at ease, we’ll keep you in the loop at every stage of your switch.
Energy switches happen in the background, so there’s no impact on your gas and electricity supply. You won’t need any new pipes, there won’t be any digging or drilling, and your energy won't be cut off.
The Energy Switch Guarantee means your new supplier will handle the process and you’ll be switched over smoothly and without loss of service.
Better still, unless you’re getting a smart meter installed you won’t an engineer to visit your home either.
When you close your account with your old supplier, they will send you a final bill.
Once this payment has gone out of your account, you may also need to cancel your Direct Debit. If your account is in credit, the supplier should send you the balance.
If you opted to switch within a five-day timeframe, you’ve still got the 14-day cooling-off period to change your mind. You won’t be charged an exit fee for cancelling, but you will receive a bill from the new supplier for what you used with them. But don’t worry: you won’t pay for the same energy twice.
If you decide not to fast-track your switch, you’ll usually be switched over 15 days after filling out the switching form on MoneySuperMarket. Until then, you’ve got a 14-day cooling-off period to change your mind and won’t be liable for any cancellation charges.
If you change your mind about your switch during the cooling-off period, you’ve got a number of options. These are:
You may be able to move to another tariff with your new supplier. You’ll need to get in touch with them to check
You may be able to return to your previous supplier on a tariff on ‘equivalent terms’ to your old deal. To check, you’ll need to contact your old supplier. We advise you do this as soon as possible, as the previous tariff may only be available for a limited time.
Switch to another provider altogether. This will require you to make contact with the provider you’d like to join. Or if you like the look of an exclusive tariff on MoneySuperMarket, you’ll have to sign up through our site to get it.
Fixed rate tariffs lock down the price you pay per unit - perfect if energy rates are expected to rise in the near future.
Electricity-only tariffs work best if your home uses electricity rather than gas for heating, or you'd prefer separate suppliers for your gas and electricity.
Dual fuel tariffs are when your gas and electricity come from the same supplier - this simplifies your billing and can work out cheaper than paying two separate suppliers.
Green tariffs 'match' your units with part or fully renewable energy sources.
Prepayment tariffs are 'pay-as-you-go' where you buy the energy in advance and then top up as needed. It's typically more expensive than paying by direct debit.
If you're running a business then specialist business energy tariffs are more appropriate than consumer ones.
If you're claiming certain benefits, including Universal Credit, you may qualify for the Cold Weather Payment - an extra payment of cash for each week of cold weather in the winter.
The Warm Home Discount gives vulnerable and low-income households a one-off payment to help with energy bills in the winter.
As it stands, under plans announced by Chancellor Rachel Reeves, this year the Winter Fuel Payment will no longer be paid to all Britons of state-pension age.
Instead, only pensioners in receipt of Pension Credit or other key benefits will qualify for the Winter Fuel Payment to help with their winter energy bills, which is worth up to £300.
It’s estimated that 880,000 pensioners who qualify for Pension Credit currently don’t claim it.
You can check your eligibility and find out how to claim at gov.co.uk.
Not eligible for Pension Credit? You may still qualify for the Warm Home Discount, or Cold Weather Payments. Both of which are means-tested and require claimants to be in receipt of certain benefits.
With energy bills rising 10% from October, you may also want to look into fixing your tariff now to save money and get peace of mind that you’ll know how much you’ll be paying for your energy.
Worried about racking up large heating bills this winter? Get tips to help keep your bills down with our handy energy-saving guide.
Beyond the basics, investing in greener energy saving measures can save you even more, such as:
In these uncertain times, fixing your rate can offer peace of mind and make budgeting easier. For example, right now on MoneySuperMarket, EDF is offering a fixed tariff at £1568, which is a great deal compared to the new rate of £1,717 that came into force on 1st October. We would advise anyone looking to lower their energy costs to secure this tariff or another fixed option before they disappear.
These figures are examples of annual energy usage in the average household. Your bill may be higher or lower depending on your energy consumption. Bear in mind, too, that your bill also includes standing charges.
Energy Use | Household Size | Gas Usage (kWh per year) | Electricity Usage (kWh per year) |
|---|---|---|---|
Low | 1 to 2 people | 7,500 | 1,800 |
Medium | 2 to 3 people | 11,500 | 2,700 |
High | 4 to 5 people | 17,000 | 4,100 |
Installing cavity wall insulation can save you up to a massive £370 per year on your energy costs. (Source: Energy Saving Trust, July 2024)
MoneySuperMarket has won the Feefo Platinum Trusted Service Award, an independent seal of excellence, which recognises businesses that consistently deliver a world-class customer experience.
A kWh stands for kilowatt - hour and it's the unit used to measure energy use. One kWh represents using 1,000 watts of power over one hour.
For example, 1 kWh will power a 40 watt light bulb for 25 hours.
Further reading: Which household appliances use the most energy?
While bills are considerably lower than they were two years ago, they're still almost double pre-energy crisis levels. And they're unlikely to return to pre-pandemic levels before the end of the decade. Gas and electricity prices can also fluctuate, depending on supply and demand.
With uncertainty still affecting the markets, only a few suppliers are able to offer a switchable fixed-rate tariff through MoneySuperMarket.
This will allow you to lock into a fixed price and might be a good idea if you'd prefer the peace of mind from knowing that you'll be insulated from further price rises, should these occur.
We're hopeful that lower wholesale prices may lead to more and more suppliers slowly offering cheaper fixed tariffs to switch to again soon.
When the market returns to normality, it's a good idea to run an energy comparison regularly to check if you can get a better price.
Best is subjective, but smaller firms are routinely topping customer service satisfaction scores from Ofgem - in Q1 of 2024:
74% of domestic energy consumers were satisfied or very satisfied with their service from small suppliers.
This figure drops as low as 63% for medium-sized suppliers.
The cheapest supplier for you depends on where you live, plus how much energy you use. So, what might be the cheapest for someone else, won’t necessarily be the cheapest for you.
That’s why it’s important to run an energy comparison – telling us some key details about where you live and your energy habits allow us to find the cheapest deals for you.
Every single energy supplier in the UK is regulated by Ofgem, the industry regulator. This means that the smaller, lesser-known companies must follow exactly the same rules as the bigger, more established ones.
If a company goes bust, you’ll be covered by Ofgem. They’ll ensure your supply isn’t cut off, and protect any credit balances you may have.
Ofgem will also appoint a new supplier to take over your tariff.
When you’re choosing a new energy deal, think about whether to go for dual fuel (where you get both your gas and electricity from the same company) or separate tariffs (where you get gas from one company, and electricity from another). It’s worth checking both options, as the combined price of separate tariffs can sometimes be less than a dual fuel offer.
Think about whether you’d like to go for a fixed deal or a variable deal. Fixed deals can be a bit more expensive at the beginning, but you’ll know that your bills won’t suddenly jump during the fixed term.
The way you pay your bills can also affect the price – you can often get a discount for paying by direct debit, and for managing your account online, with no paper communications.
Fixed-rate tariffs offer the security of knowing that the price you pay per unit of energy will be fixed for the duration of your plan. This is usually for one or two years.
That means that as you’re on this plan your rate will be set in stone and won’t go up even if your supplier announces it is rising prices. You may, however, be charged an exit fee in some cases if you cancel or switch early.
Variable-rate tariffs work differently. When you’re on this type of tariff, the price you pay per unit of energy could go up or down, depending on how your supplier reacts to price fluctuations in the wholesale energy market.
As you may have learned from experience, it’s pretty unusual for suppliers to cut prices. It’s much more common for them to hike their rates.
That depends on how long you’ve owed the money to your current supplier. If you’ve owed money for 28 days or less, you’re free to switch. In this instance, the money you owe will be added to final bill from the supplier that you’re leaving.
But if you’ve been in debt for more than 28 days, the situation is different. In this case, you generally won’t be able to switch until you’ve paid the sum owing.
The exceptions are if culpability for the debt lies with the supplier you’d like to leave. For instance, if they billed you incorrectly.
The rules are also different if you’re on a pre-payment meter. In these circumstances, you’ll only be prevented from switching if your debt to your current supplier exceeds £500.
If your address is changing, you may want to close your account or ask if you can transfer your service to your new property.
Whichever you choose to do, you’ll get in touch with your supplier at least two days before you move to inform them and give them your new address. That’s so they’ll know where to send your final bill.
It’s also a good idea to take meter readings and give these to your existing supplier, so you’ve got records in case there’s a dispute with billing.
When you move in to the new property, once again you’ll need to take readings and settle your final bill when. And most importantly, you should find out which energy company supplies your new address.
For more help, read our fully comprehensive one-stop guide to moving home and switching energy supplier.
