What is the Cheapest Energy Supplier in the UK?
Energy prices constantly change, but you can keep your costs low by shopping around. This is especially important for businesses. Octopus offers the cheapest electricity prices, with a unit rate and standing charge below the market average. It also invests in renewable energy and offers carbon offset Gas on some tariffs.
If you would like to read more information or learn more about the pricing of business energy, you can do so here.
1. Octopus Energy
Octopus Energy is on a mission to take down the Big Six – the energy suppliers previously seen as ‘the big bad and greedy’.
- They offer planet-saving renewable electricity at a reasonable price and a personalised service. All their tariffs include 100% green electricity and were rated highly by Which? in their 2022 customer survey.
- They have won our award for Best Small Energy Supplier thrice in a row, and we have also named them our Recommended Provider of the Year.
- Their Agile Octopus tariff includes Price Cap Protect, which guarantees you’ll never pay more than 100p / kWh for electricity.
- Their half-hourly electricity prices update daily based on wholesale costs. This means you can save a bundle by shifting your use outside the peak times (4-7 p.m.).
- Their specialist Electric Vehicle tariff, Octopusgo, provides four hours of super cheap (5p/kWh) ‘super off-peak’ electricity every night between 12:30 and 04:30.
2. EDF Energy
EDF Energy is a large supplier that provides homes across the UK with electricity and Gas. This company is known for its affordable prices and excellent customer service. They are often ranked among the best home energy suppliers by customers. In addition, they are committed to producing zero-carbon electricity through nuclear, solar, and wind power. They also offer a variety of flexible tariffs for home energy usage. They are one of the few providers that include VAT and Climate Change Levy in their price quotes.
This makes it easier to compare their prices with the rest of the market. Like Octopus, they also have several specific fixed-rate tariffs for business customers. These tariffs are ideal for those looking to lock in their energy costs for one to three years. Their ‘Fixed for Business’ offers are incredibly competitive and can save businesses significant money. EDF Energy also offers bespoke deals for larger businesses, such as those that use electric vehicle chargers.
Scottish Power is one of the longer-established suppliers and a member of the Big Six. They have been in the market for over 200 years and can benefit from a large customer base. They offer a range of fixed tariffs, some supporting Cancer Research UK. They also have a specific EV tariff, which could benefit those driving electric vehicles. They have recently had some bad press for customer service and pricing. They were the first Big Six to close their coal-fired power stations and have significantly invested in renewable energy production.
They have kept their prices low despite the rising wholesale costs thanks to the current price cap, which Ofgem oversees. However, they have not been immune from the collapse of smaller suppliers like Bulb, who had issues with handling complaints and a business model at risk when wholesale prices rose.
4. British Gas
Smaller energy companies can provide cheap deals for your Gas and electricity but have to follow the same rules as more giant suppliers. Some specialise in a specific energy need – Ecotricity, Good Energy and Green Energy UK offer green tariffs, while Utilita only supplies prepayment meters.
- British Gas is a household name with an enormous market share and a reputation built up over the years.
- The company has sometimes been the cheapest, but they have an excellent track record of keeping prices down and customers loyal.
EDF Energy was a cheaper Big Six supplier when we last looked, but they could have better customer service. They only have a webchat support option for online-only customers and score the same as British Gas Lite on Trustpilot. EDF Energy is also a significant nuclear energy producer, which might concern you and your business. However, they are the only Big Six provider to offer a renewable business tariff.
Cheapest Energy Supplier – Other useful links about Business Energy:
Green Initiatives For Your Business
Remember to Compare Your Business Costs is here to help your business every step of the way from business advice, or saving you time and money on your business purchases such as:
Ally Cox is a dedicated Copywriter and Blogger for CompareYourBusinessCosts.co.uk. In under two years, the platform achieved the esteemed accolade of ‘Website of the Year’. Since its award-winning debut, Ally has been instrumental in fostering organic growth for the website, expanding its offerings to encompass comparisons across a diverse range of over 20 products to help serve all your business needs.