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The price cap is £1,641 and forecast to rise in July. Some fixed deals currently sit below the cap. Compare by postcode to see what is available for your home.
Find cheap energy dealsThe cheapest gas and electricity deal varies by postcode. The standard variable tariff is currently capped at £1,641 per year for a typical household (Q2 2026) and is forecast to rise in July. Some fixed deals sit below this cap right now. Comparing by postcode is the only way to find the cheapest tariff for your specific home.
What actually makes an energy deal cheap?
Compare total annual cost, not just the unit rate
A low unit rate with a high standing charge can end up more expensive than a slightly higher unit rate with a lower standing charge, especially for lower-consumption households. Always compare on estimated total annual cost using your actual kWh usage.
Compare by postcode, not nationally
Unit rates and standing charges vary by region. The cheapest tariff nationally is not necessarily available or cheapest in your area. A postcode-level comparison shows only the deals actually available for your home and gives accurate annual cost estimates.
Consider fixing before the July cap rise
The Ofgem price cap is forecast to rise by up to 13% in July 2026. A fixed deal that matches or beats the current cap gives you both price certainty and protection against that rise. If the cap rises as forecast, households on fixed deals will not be affected for the length of their contract.
Check exit fees before switching mid-contract
If you are on a fixed deal, check whether it has an exit fee, typically £30 to £50 per fuel. If you are on a standard variable tariff, there are no exit fees and you can switch at any time. If you are out of contract or on the SVT, there is nothing stopping you switching today.
Standard variable tariff cap based on Ofgem Q2 2026 price cap (1 April to 30 June 2026). Source: Ofgem. Last updated May 2026.
Why millions of households are overpaying for energy
Around 19 million UK households are on a standard variable tariff, which tracks the Ofgem price cap. When a fixed deal ends and you do nothing, most suppliers automatically move you onto their SVT. You are not locked in and can switch at any time, but the SVT is often not the cheapest option in the market.
Fixed deals that sit below the current cap are available. The gap between the cap rate and the cheapest available fix varies by postcode and changes frequently as suppliers adjust their pricing. The only way to know whether a cheaper deal exists for your home is to compare by postcode with your actual usage figures.
With the cap forecast to rise by up to 13% in July 2026, the case for comparing now is stronger than it has been for several quarters. See our energy tariff comparison guide for more on what to look for.
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Questions people ask
The cheapest deal varies by postcode, meter type, and payment method. The standard variable tariff is capped at £1,641 per year for a typical household in Q2 2026. Some fixed deals sit below this. Comparing by postcode is the only way to find the cheapest deal for your specific home.
Enter your postcode, current supplier name, and annual kWh usage into a comparison service. Results show all available tariffs ranked by total annual cost for your home. The cheapest supplier nationally is not necessarily cheapest in your area.
Yes, particularly on a standard variable tariff. The cap is forecast to rise by up to 13% in July 2026. Switching to a fixed deal below the current cap protects against that rise and can save £150 to £400 per year depending on usage.
A genuinely cheap deal has both a low unit rate and a reasonable standing charge. Always compare on total estimated annual cost using your actual kWh usage. A low unit rate with a very high standing charge can end up more expensive overall.
Related energy guides
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