Best Rates For Electricity

During the ongoing cost of living crisis with inflation on the rise it is vital for many of us that we are reducing our costs as much as possible. Consequently the following article is providing you with hacks on finding the best energy rates for electricity so that you can make the maximise your spending this year and for the coming years ahead.

“It’s not your salary that makes you rich, It’s your spending habits”

-Charles A. Jaffe.

Where and how do I begin to find the best electricity provider to find the best rates for electricity?

There isn’t a “one size fits all” electricity provider or rate for everyone as this will heavily be dependent on various factors such as your usage, whether you use a meter or what type of meter you use and the type of tariff you’d prefer either fixed or variable or whether you want renewable electricity. To see how much you can save here are some quick tips for you to bear in mind;

  • To ensure that you are getting the best deal be sure to compare your electricity prices on a regular basis. You can easily do this using price comparison sites such as GoCompare.com and MoneySuperMarket
  • To tailor your bills in accordance to your consumption try to keep a recent electricity bill or annual bill at hand that way you’ll better understand your habits and find a great deal which tailors to your needs
  • If you are paying for both gas and electricity in your home compare them both. You might find a dual tariff which could turn out cheaper.
  • Get a quote to see how much you can save. Many price comparison sites offer quotes by simply just typing in your postal address.

When comparing electricity supplier to find the best rates for electricity what information will I need?

The following details can be found on your latest bill.

  • Current electricity provider
  • Tariff type
  • Method of payment for electricity
  • Your usage in kWh monthly/annually
  • The expiry date of your existing/current tariff

Different types of Electricity Tariffs

There are 6 main types of electricity tariffs to choose from;

  • Variable: The commonly expensive tariff which is the default type for many suppliers. The price of this tariff can fluctuate based on the state of the market if market prices fall the variable price will also and you aren’t tied up to any contracts which is a bonus of this type.
  • Fixed: Fixed rates aren’t dependant on the market as they remain consistent per unit which you are protected from price rises however you may be charged if you want to make a switch mid contract.
  • Dual fuel: With this tariff you are paying for gas and electricity will the same provider which can become cheaper overall but if the service is poor this can affect the performance for both gas and electricity
  • Economy 7/10: These tariffs are cheaper at peak times. For economy 7 this is between the time of midnight until 7am where economy 10’s off peak timings are spread throughout the day. This ideal for those who work night shifts however for economical performance when using appliances you may consider switching
  • Green: This tariff is ideal for those who are interested in renewable energy helping to reduce your carbon footprint although these tariffs are generally a lot more expensive
  • Prepaid: These tariffs are pay as you go you’ll be provided with a repayment meter, card, key or tokens to refill them this way you can pay for your electricity in advance but this can be more expensive and eventually run out when you might need it most.

Different types of electricity meters

There are 6 types of electricity meters;

  • Standard
  • Dial
  • Digital
  • Variable-rate
  • Prepayment
  • Smart