Best dual fuel energy deal or a plan is the one where you get the same supplier for both, your electricity and gas needs. There are multiple types of dual fuel deals available in the market, and it is important to be aware of them.
Wondering what is the best dual fuel deal for you? It might be the one that provides you the best gas and electric prices while fulfilling all your energy needs. In order to identify which deal is the most ideal one for you, you need to take care of different factors.
For instance, identifying the best gas and electric supplier depends on your average consumption, your household’s size, and your area of residence. The number of suppliers in your area and the prices they have to offer depends on your postal code, given the transportation costs.
If you are confused about how to choose the best gas and energy supplier for yourself, comparing gas and electricity prices can be very useful. There are several energy comparison tools available online, which can help you compare different energy deals and eventually pick the best one.
Following are some FAQs which can help you understand better about dual fuel deals:
If you haven’t switched to a different supplier or an energy deal for quite a while, chances are that you are on a costly standard variable tariff. In contrast, dual fuel deals are likely to be cheaper.
However, a dual fuel deal may not always be cheaper. It might be more cost-effective if you get electricity from one supplier and gas from the other. In this case, the best thing to do is to compare gas and electricity prices before taking up an energy deal.
No. Dual fuel deals differ from supplier to supplier. Smaller companies are often the best gas and electric suppliers. Unsurprisingly, millions of households in the UK are shifting away from the Big Six and opting for energy deals offered by smaller suppliers.
According to Energy UK, 2.1 million customers switched to a small to medium sized supplier between January and November last year. More than five million people in total switched to a new energy deal in 2020.
It is important to note that the price cap set by Ofgem only places a limit on the amount that suppliers charge per single unit of energy. If your energy consumption remains higher, the projected costs would be higher too.
Currently, if you are receiving electricity from Economy7 or Economy10 and are planning to switch, you might have to install new meters. The following are the meters that are compatible with dual fuel deals:
Ofgem has applied a different price cap for prepayment customers. The price cap dropped by £94 to £1,070 on 1st October 2020. It works the same way as the default cap to protect you from any sudden price rises. However, it does not mean that you will pay less for your energy.
The greatest advantage of having a dual fuel smart meter is that it automatically submits your electricity and gas readings with your supplier. Hence, you don't need to take it manually.
Thanks to the smart meter’s in-home digital display and it’s real-time usage tracker, your bills will be a lot more accurate. In addition to that, you can notice when your energy consumption is the highest. This could help you strategize cost cutting techniques accordingly.
The online comparison tools are very easy to use and help you make a well-informed decision. The information required for energy comparison is quite. For instance, you need to know the name of your current supplier, how much you are paying and what your area of residence is.
Once the necessary information is put into place, the energy comparison tool will compare the prices of electricity and gas deals available in your area.
With a fixed rate tariff, the price per unit of your gas or electricity is fixed for a set time period (usually between one and two years). Of course the actual amount you pay depends on your usage, but you’ll be safe in the knowledge that at least that’s the only variable.
Generally speaking, fixed rate tariffs mean lower prices, as well as predictability and security, though this isn’t always the case! Some energy suppliers, such as Bulb, only offer a variable rate tariff, but it’s still cheaper than many other deals on the market – including many fixed rate deals.
The price per unit on a variable rate tariff fluctuates in line with wholesale energy prices, as well as any changes in running costs for suppliers which might result from policy changes. Usually, suppliers have the tendency to pass on price rises than any price drops to customers.
Standard variable tariffs (SVTs) are used quite commonly. These tariffs, which customers end up once their fixed variable contract ends, or when they move into a new property, are responsible for a significant portion of overcharging in the energy market.
If you’re on a fixed rate deal, and you choose to leave it before the contract ends, you’ll almost certainly be liable to pay exit fees to the supplier. The value will vary from supplier to supplier, but will typically be around £30 per fuel.
If you’re on a standard variable rate tariff, then you won’t have to pay any exit fee. In addition to that, some suppliers will offer to pay your exit fees for you if you switch to them, so keep an eye out.
Hope you land on the best energy deal, what suits your needs