EDF cuts energy bills by up to £17 a year – but you could save hundreds of pounds by switching
All recommendations within this article are informed by expert editorial opinion. If you click on a link in this story we may earn affiliate revenue.
MILLIONS of EDF customers will see energy bills fall from April as the provider cuts prices in line with the regulator's new cap.
It's the first of the Big Six energy suppliers to confirm its new prices after Ofgem revealed it's lowering its energy cap from April 1.
Under the move, EDF dual fuel users paying by direct debit will see bills typically fall by £15 a year from £1,177 a year to £1,162 a year, also from April 1.
While, average SVT dual fuel customers who pay by cash or cheque will see bills fall by £16 a year from £1,263 to £1,247.
And typical dual fuel pre-payment meter users will see bills fall by £17 a year from £1,217 to £1,200.
The move will benefit EDF's 1.3million SVT customers, as well as its 300,000 SVT prepayment meter users.
How to save £268 on your energy bills (Sponsored)
AVOID energy price rises this winter with Switchcraft.
Why is it important to switch suppliers regularly?
Energy suppliers save the best deals to attract new customers, while moving existing customers to higher rates.
Switchcraft lets you know every time you can save money by switching.
- in 3 minutes and get instant energy quotes.
- Let find you better deals every year, saving you time and money.
- Get £5 free cashback or an Amazon voucher* when you between 9 December 2019 and 2 March 2020.
The £5 will be paid into your bank account within 120 days of completing the switch. *Prepayment meter customers will receive a £5 Amazon voucher. Open to those 18 and over. UK residents only. Click here for full T&Cs. News Group Newspapers Limited has a brand partnership with Switchcraft.
It closely mirrors Ofgem's cuts, which will see energy bills for a typical user fall from £1,179 a year to £1,162 a year.
While the separate pre-payment meter cap, for households who pay for energy in advance, will drop from £1,217 a year to £1,200 a year.
Just bear in mind that Ofgem technically caps the amount you pay per unit of gas and electricity, so your final bill will vary depending on how much energy you use and where you live.
Save more by switching
But just because bills are being cut doesn't mean you should stick with EDF as you could save hundreds more by switching.
Ofgem says changing from a default tariff to a cheaper deal could save a typical household up to £305.
Alex Dickson, head of research at energy switching tool Switchcraft.co.uk, added: “If consumers think the cap will protect them from paying over the odds for energy, they are sadly mistaken.
“The gap between the default price cap and market leading energy deals is as wide as it’s ever been."
Just plug your details into a price comparison tool to check if you could save by switching - your new provider will then move you over.
More on energy bills
Plus from May, energy firms will have to pay you £30 compensation for switching mistakes.
The price cap on energy bills was first introduced by former Prime Minister Theresa May, back in January last year and was initially set at £1,137.
But experts including MoneySavingExpert.com founder Martin Lewis have recently warned how 11million households are still overpaying on energy bills.