Best Energy Tariffs for North West Households in 2024

The best energy tariffs available to North West households in 2024 can save up to £300 per year compared to a standard variable rate, depending on your usage pattern and willingness to switch. With the energy price cap set quarterly and fixed deals becoming competitive again, now is a good time to review your tariff. Whether you are a low-usage pensioner in Lancaster, a family of five in Wigan or a home worker in Altrincham, there is likely a better deal than what you are currently paying.

Energy prices have stabilised after the turmoil of 2022-23, and the tariff market is functioning normally again. Fixed deals, time-of-use tariffs and green energy plans are all available from multiple suppliers. Here is how to find the right one for your household.

Understanding Your Current Tariff

Before switching, you need to know what you are currently paying. Check your latest energy bill for these two key figures:

• Unit rate: The price per kWh of gas and electricity you use. Currently around 24.5p for electricity and 6.24p for gas on the energy price cap.
• Standing charge: The daily fixed fee. Currently around 61p per day for electricity and 31p per day for gas under the cap.

If you are on a standard variable tariff (also called a default tariff), you are paying the price cap rates. This is what you revert to if you have never switched or your previous fixed deal has ended. About 60% of UK households are on a standard variable tariff, and most of them would save money by switching.

Fixed Rate Deals

Fixed rate tariffs lock in your unit rate and standing charge for 12 or 24 months, protecting you from price increases. In spring 2024, several fixed deals are priced below or very close to the current price cap, making them attractive for households who want certainty.

The key benefits of fixing are predictability and protection against winter price rises. Energy analysts generally expect prices to remain around current levels or increase modestly through 2024, which means a fix at or below the current cap could save you money and give you peace of mind.

When comparing fixed deals, check for exit fees. Some tariffs charge £30-£50 per fuel if you leave early, while others are exit-fee-free. If you think you might want to switch again soon (for example, if better deals emerge), choose a no-exit-fee tariff.

Time-of-Use Tariffs

Time-of-use (ToU) tariffs charge different rates at different times of day. They can offer significant savings if you can shift your electricity usage to off-peak periods, but they are not for everyone.

Octopus Go: Designed for EV owners, this tariff offers electricity at around 7.5p per kWh during a 5-hour overnight window (typically 12:30am-5:30am) and a slightly higher-than-standard rate during the day. If you charge an EV overnight, this is excellent. If you also run a dishwasher, washing machine and battery storage charge overnight, the savings extend further.

Octopus Agile: The most dynamic tariff available, with prices that change every 30 minutes based on wholesale costs. Prices can drop below zero during windy nights (you get paid to use electricity) or spike above 50p during peak demand. This tariff rewards households with batteries, smart appliances or the flexibility to shift usage around. It is not suitable for households that cannot or will not adjust their usage patterns.

Economy 7: The traditional two-rate tariff, available from most suppliers in the North West. You get around 7 hours of cheaper electricity overnight (useful if you have storage heaters) and a higher rate during the day. Economy 7 is gradually being replaced by smarter tariffs, but it still has a role for homes with storage heating.

Best Tariffs for Different Household Types

Here are our recommendations for common household types across the North West:

Family of 4, semi-detached, gas heating, no EV: A competitive 12-month fixed deal is your best bet. This gives you budget certainty through next winter. Compare fixed deals on a comparison site and look for one priced below the current price cap with no exit fees.

Couple, terrace, EV owner: Octopus Go or a similar EV-specific tariff. Charging your car at 7.5p per kWh instead of 24p saves roughly £500-£700 per year on an average 8,000-mile annual drive. The slightly higher daytime rate is more than offset by the overnight savings.

Single person, low usage: Look at tariffs with a low or zero standing charge. Some suppliers (notably Utilita) offer pay-as-you-go tariffs with no standing charge, which can work out cheaper for very low-usage households where the daily standing charge represents a large proportion of the bill.

Solar panel owner: A time-of-use tariff combined with the export tariff gives you the best of both worlds – cheap overnight electricity for anything your solar does not cover, plus payment for your exported solar electricity during the day. Octopus offers some of the best export tariff rates at 15p per kWh on their Agile export tariff.

Retired, at home all day: A good fixed deal provides certainty on a fixed income. Avoid Octopus Agile (daytime prices are often higher) unless you have solar panels generating during the day. Make sure you are receiving the winter energy discount scheme if you are eligible.

How to Switch

Switching energy supplier or tariff is straightforward and can be done online in about 10 minutes:

• Gather your current tariff details (unit rates, standing charges) and recent usage (kWh per year for gas and electricity)
• Use a comparison site to find the best deals for your usage level
• Choose a tariff and sign up online or by phone
• The new supplier handles the switch, which takes about 5 working days
• Your energy supply is not interrupted during the switch

If you are currently on a fixed tariff, check whether you will be charged an exit fee for leaving early. If the fee is, say, £50 per fuel and the new tariff saves you £200 per year, it is still worth switching.

Prepayment Meter Customers

If you are on a prepayment meter (common in many Lancashire and Greater Manchester terraces), you now pay the same price cap rates as direct debit customers. Historically, prepayment customers paid more, but this was equalised in 2024. You can also now switch to most tariffs including some fixed deals, though the range is more limited than for credit meter customers.

If you have a traditional key or card prepayment meter, you may benefit from upgrading to a smart meter, which can operate in prepayment mode while giving you access to a wider range of tariffs and eliminating the need to physically top up at a shop. Contact your supplier to arrange a free smart meter installation.

Green Tariffs

Several suppliers offer tariffs marketed as 100% renewable electricity, including Octopus, Ecotricity and Good Energy. These tariffs match your electricity usage with renewable generation certificates (REGOs). Prices are generally competitive with standard tariffs – you do not necessarily pay a premium for green energy.

The environmental benefit is debated (all electricity comes from the same grid regardless of your tariff), but choosing a renewable tariff supports investment in green energy generation. If this matters to you, it is worth considering alongside price when comparing deals.

Is it worth switching if I only save a small amount?

Even a saving of £50-£100 per year is worth a 10-minute switch. Over a 12-month fixed deal, that is £50-£100 in your pocket for minimal effort. Set a reminder to compare tariffs when your deal ends, and you will avoid slipping back onto the more expensive standard variable rate.

What happens if my supplier goes bust?

the energy regulator’s Supplier of Last Resort process automatically transfers you to another supplier. Your energy supply continues uninterrupted, any credit on your account is protected, and you are placed on the new supplier’s standard tariff (you can then switch to a better deal). This has happened to several suppliers in recent years and the process works smoothly.

Should I switch to a time-of-use tariff if I work from home?

It depends. If you work from home, you use more electricity during the day when time-of-use rates are higher. Unless you have solar panels generating during the day or can shift heavy usage (washing, dishwasher, EV charging) to overnight, a flat-rate tariff may be cheaper. Run the numbers with your actual usage pattern before committing.