CHEAP fixed energy deals are flooding the market ahead of the a gas and electricity price hike on Monday.
Households are being urged to switch to a cheaper fixed deal now to avoid an increase of around £177 a year.
PA:Press Association Switch now to find a cheap fixed energy deal
Last month, Ofgem announced it was increasing the price cap on expensive standard variable tariffs (SVTs) to an average of £1,254 a year.
This triggered a wave of price increase from 36 suppliers, who have all hiked prices by over 10 per cent on average.
In fact, the Big Six firms were accused of running a cartel after they all hiked prices to the same amount.
This means 15million customers will see energy bills go up over £100 a year on April 1.
But households could save hundreds of pounds a year by switching to a cheaper deal.
There are now more than 30 energy deals priced under £1,000 a year, up from eight in December, according to new research by Which?.
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The cheapest dual-fuel deal on the market is currently offered by Outfox the Market – coming in at £925 a year for a medium user.
The difference between the best deal on the market today and the new price cap is £362, according to uSwitch.
Energy firms price energy based on where you live in the UK, so it’s always worth comparing prices before you switch.
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Natalie Hitchins, from Which?, said: “Many people who hoped the price cap would bring an end to unwelcome price increases will be left reeling after price hike Monday adds more than one billion pounds to their energy bills.
“If you are one of the millions of energy customers stuck on a rip-off standard variable or default tariff, our advice is simple – switch as soon as possible.
“There has been a recent rise in the number of cheap deals on the market – so you could choose better customer service while potentially saving more than £300 a year.
Earlier this week we revealed how Brits could claim back hundreds of pounds from energy suppliers.
We also revealed how hard-up families are facing the biggest energy price rises on Monday.
Simple tips to help cut your energy bills this winter
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