Cheapest electricity tariffs and tips to reduce your energy bills

25th November 2022 - By Jason Clemmit

Looking for the cheapest energy tariff? Read our handy guide that explains how to find the best energy tariff and offers other tips for keeping your bills low.

A key consideration when conducting home improvement work is electricity use, especially if your renovations may lead to increased energy consumption, such as by adding additional connections and wiring to the home’s infrastructure. This makes it absolutely paramount that you investigate electricity tariffs and know helpful tips for reducing these bills. Read on to learn about the types of electricity tariffs and ways you could save on electricity costs.

What are the cheapest electricity tariffs?

Electricity tariffs are the rates you pay for electricity; the two most common tariff types are fixed and variable. The right one for you depends on multiple factors – such as your electricity use, the certainty you want, and if you’re intending to change providers. You’ll likely want the cheapest electricity tariff available, but this again can fluctuate, so it helps to investigate the opportunities available. Both fixed-rate and variable-rate tariffs offer their own unique benefits.

The benefits of a fixed-rate tariff

A fixed-rate tariff guarantees that you pay the same rate across a specific period, offering significant protection against rising costs. This consistency also allows you to budget more appropriately and set the right amount of money aside each month. If you want to switch to a cheaper plan during your contract, however, you’ll usually face a substantial surcharge – make sure you’re ready to commit to the option you choose.

The benefits of a variable-rate tariff

Variable tariffs rise and fall in accordance with the electricity market, which can mean price fluctuates across the duration of your contract, in either direction. Your provider has a responsibility to inform you of upcoming price shifts, and you can typically switch contracts in response to this without substantial fees. This might work out better for you long-term, but always investigate the cheapest options of either tariff.

Other tips for saving on electricity costs

Here are some other ways you could reduce electricity bills to complement a cheaper tariff:

Turn off sockets and appliances

Many people simply forget the small but noticeable benefits of simply turning appliances and electrical outlets off when you aren’t using them. Taking more notice of these devices might save thousands of electricity hours per year.

Search for deals and grants

With energy use a big concern for homes, providers are offering competitive deals to hold onto customers, and this may impact the cheapest tariff for you. There are also government schemes and grants available that you might be eligible for.

Use energy-efficient devices

It might be worth investing in energy-efficient alternatives to your appliances, as this could save you significant amounts of money across just a year of operation. This involves an upfront cost of buying a new appliance, but the savings could easily make up for this.

Clean your fridge

Plenty of people neglect to clean the condenser coils behind the fridge but doing this can help it run up to 25% more efficiently, with additional benefits if you clean the filters. For more about electricity tariffs and tips, get in touch with Switch Plan at 0330 054 0017.

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