British Gas and EDF have today become the last of the big six energy providers to announce price cuts.
British Gas customers will see gas prices fall by 5.1% from 16 March, while EDF customers will see gas prices fall by 5% from 24 March.
The move follows hot on the heels of fellow big six providers SSE, E.on, Scottish Power and Npower, which have all recently announced the following price cuts:
• E.on will cut gas prices by 5.1% from 1 February.
• Scottish Power will cut gas prices by 5.4% from 15 March.
• Npower will cut gas prices by 5.2% from 28 March.
• SSE will cut gas prices by 5.3% from 29 March.
But you can save hundreds more by switching, as we explain below.
I’m a British Gas/EDF customer. Will my prices fall?
British Gas’ price reduction applies to standard variable customers, and those with its ‘fix and fall’ tariffs. It also includes prepaid customers who pay for their energy via a meter.
British Gas says 6.8 million of its 9 million customers will get a price cut.
The energy giant adds that it’s the only major supplier to reduce gas prices three times since the start of 2015 – an overall reduction of 14%.
EDF meanwhile will cut prices for its 900,000 standard variable customers only, including those with a prepayment meter.
With both providers, the price cuts won’t apply to electricty-only customers and fixed tariff customers (other than those with a British Gas ‘fix and fall’ tariff).
You can save £300 by switching
Both British Gas and EDF say their price reduction will see customers save £31/year on average.
A typical dual fuel EDF customer who pays by monthly direct debit will pay £1,069/year from 24 March, while British Gas says the average dual fuel bill will be £1,044/year from 16 March.
But the cheapest dual fuel tariff on the market for those who pay by monthly direct debit, is currently £765/year, according to energy comparison site Energyhelpline.com.
Use our Energy comparison tool now to find out the cheapest tariff for you.
Remember, the price you pay for energy depends on how much you use and on where you live.
Mark Todd, founder of comparison site EnergyHelpLine.com, says: “Standard tariffs are very expensive. They are still best avoided and you can get a much, much bigger price cut switching to a cheap fixed rate tariff, typically saving £300 a year.”