If you haven’t renewed your contract with your existing energy supplier or switched to a new one in the last few years, you could be paying more than you need to for your energy.
According to the energy regulator Ofgem, more than half of people in the UK are on expensive ‘standard variable’ tariffs, which are usually more expensive than fixed-term tariffs.
A fixed-term tariff means you’ll pay a set price for each unit of energy you use, for a certain period of time (usually a year or longer).
But after your fixed-term tariff ends, your supplier will usually move you to a standard variable tariff. These tariffs are sometimes known as standard variable rates (SVRs) or default tariffs. They’re usually more expensive than fixed-term ones. And prices can go up and down, depending on the energy market.
To help you avoid costly standard variable tariffs, we teamed up with OVO Energy and Octopus Energy to give you a convenient way to switch energy supplier, straight from the Monzo app.
You could save up to £259 on your energy bills
If you’re on a standard variable tariff, you could be paying up to £1,254 a year for your gas and electricity. But by switching energy supplier through Monzo, you could stand to save money.
For example, Octopus Energy’s 12-month fixed-term tariff for gas and electricity costs customers £995 a year on average across the UK, based on Ofgem’s medium household usage for a standard energy meter. That means you could save up to £259 a year if you switch!
Plus when you switch, your new provider will give you credit to put towards your bills. Octopus Energy will give you £40 credit and OVO Energy will give you £50 credit.
How to switch energy supplier through Monzo
To start switching energy supplier, tap the button below on your phone!
We’ll ask you to:
Enter a few details about your home and the type of meter you have
Choose from the quotes provided by our trusted suppliers (and get a more accurate quote if you tell us your energy usage)
Choose to pay from your personal or joint account
We’ll send your information to your chosen supplier and they’ll sort out the switch for you. Plus they’ll give you £40 or £50 credit towards your energy bills!
Both OVO Energy and Octopus Energy offer renewable energy, and meet our high expectations for customer service and fair pricing. In fact, OVO was named uSwitch energy supplier of the Year this year, while Octopus was named Which?’s number 1 recommended energy supplier this year.
They might not always be the absolute cheapest options on the market, but we’ve chosen them because they offer competitive pricing with the level of customer service you expect.
We’ve worked out that you could save up to £259 by comparing the Ofgem price cap for standard variable tariffs to Octopus Energy’s 12-month fixed-term tariff for gas and electricity. This tariff costs customers £995 a year on average across the UK, based on Ofgem’s medium household usage for a standard energy meter.