It is a great time to compare electricity prices with some stability in the market. Households are now able to switch electricity suppliers. Keep reading for the current electricity price per kWh.
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UK Electricity Prices in 2024
Ofgem has announced that the typical UK household will spend £1,568 annually from July through to September 2024. Worried about electricity prices? Now is a great time to compare prices.
You can expect to see cheaper pricing from electricity suppliers, making it easier for your household to switch to a better deal.
The price cap doesn't restrict your overall bill as it only places a cap on the unit price that is charged per kWh. This means if you use more, you pay more.
Factors such as your contract type, location, and consumption will continue to influence your electricity rates.
|
Electricity Price (July 1 to September 30, 2024) |
|
|---|---|
|
Electricity Price (p/per kWh) |
22.36p |
|
Daily Standing Charge (p per day) |
60.10p |
How Much Is Electricity per kWh in the UK?
This table shows what the average unit rate of electricity and the average standing charge is in the UK for 2024 based on the energy price cap set by Ofgem.
What Electricity Tariffs Are Available?
With so many options, it can be confusing to navigate the best energy tariff for you. However, once you think about how you use electricity, it becomes much simpler to choose an electricity tariff. You can pick from the following:
Fixed TariffsChoosing a fixed electricity tariff offers security surrounding the amount you pay to the electricity supplier each month. This means that you have a set price for each unit of electricity you use. These tariffs offer protection against price increases. It’s important to note that your electricity bills are based on consumption so they may appear to be higher during colder months. Suppliers usually average this cost out over the year. |
Pre-Payment TariffsPre-payment tariffs allow households to purchase electricity in advance of using it. You can top up your electricity meter online, or in-store via a card or key. This is a great way to closely manage your electricity spending. It is important to note that unit prices are usually higher than other tariffs and there’s always the risk of running out of electricity at an inconvenient time. |
Variable TariffsA standard variable contract, as it is sometimes known, is very popular in the UK. Even though the cost of electricity goes up and down in line with the electricity market, there are no exit fees and you’re free to switch suppliers at any time. |
Green TariffsMost electricity suppliers offer green tariffs providing you with electricity from renewable sources. These tariffs can be either fixed or variable and are often cheaper than standard tariffs. |
Dual Fuel TariffsChoosing separate electricity and gas suppliers can create more admin, so many UK households select a dual fuel tariff for more convenience. Dual fuel tariffs can be either fixed or variable and may offer discounts, but this varies by supplier. |
Economy 7 or 10Economy 7 & 10 tariffs are for those night owls who use more electricity at night. The cost of electricity is much cheaper after a certain time and the price per unit can fluctuate based on the market price. |
Electricity Prices By Region in the UK
We’ve broken down regional domestic electricity prices per kWh so that you can see how the area you live in impacts the price you pay for electricity.
|
Region |
Average Single Rate Unit Price in 2024 |
Average Standing Charge (p) |
|---|---|---|
|
North West |
24.67p |
51.19p |
|
Northern |
23.36p |
71.20p |
|
Yorkshire |
23.36p |
67.44p |
|
Northern Scotland |
24.96p |
61.10p |
|
Southern |
24.66p |
63.33p |
|
Southern Scotland |
23.97p |
63.31p |
|
North Wales & Merseyside |
25.42p |
67.04p |
|
London |
25.72p |
40.79p |
|
South East |
25.29p |
56.90p |
|
Eastern |
25.26p |
56.90p |
|
East Midlands |
23.77p |
56p |
|
Southern Western |
24.21p |
67.19p |
|
South Wales |
24.51p |
63.26p |
|
UK Average |
24.50p |
60.10p |
All data comes from Ofgem.
Cheapest UK Electricity Suppliers
As the electricity prices change so quickly, there can be a new cheapest supplier almost daily. The best way to answer this question is to compare electricity prices now to ensure you’re getting accurate pricing information based on your consumption and region.
The UK’s largest suppliers are:
- British Gas
- E.ON Next
- Ovo Energy
- EDF Energy
- ScottishPower
Switching electricity suppliers is still a good idea if you can get a fixed-rate tariff that is cheaper than the future Ofgem price cap projections. The mindset has switched from saving money on your current deal to managing the price of your electricity bill against future increases.
For business electricity customers, the mindset is similar. Whilst there is no price cap for business energy, prices are increasing and there are greater switching options for businesses looking to manage the cost of their electricity.
How Much Should I Be Spending On Electricity?
What is seen as the normal amount should be a figure you aim for. Reducing your electricity consumption where possible is one of the quickest ways to save money along with grabbing a fixed-rate deal at the right time.
According to the Department for Business, Energy & Industrial Strategy (BEIS), the average UK household uses 3,721 kWh per year.
Here are the consumption levels that are used by Ofgem to calculate the price cap which are seen as the average.
|
Household size |
Average electricity consumption (annual kWh) |
|---|---|
|
Apartment/ 1-bedroom house |
1,800 |
|
2-3 bedroom house |
2,700 |
|
4+ bedroom house |
4,100 |
What Is The Cheapest Way To Pay For Electricity?
Everyone is looking for ways to save money. Despite the obvious tip of using less electricity, the way you pay your supplier may also impact the price you pay. The calculations below are based on the Ofgem Price Cap figures for Q1 of 2024 and an assumed average consumption of 2,700 kWh of electricity annually (2-3 bedroom house).
- Direct Debit: £967
- Pre-Payment: £963
- Standard Credit: £1,032
Electricity Comparison FAQs
-
Are Economy 7 Electricity Tariffs Cheaper?
Economy 7 tariffs can be cheaper depending on your use of electricity. For example, if the majority of your usage is during off-peak hours it may be cheaper to switch to an Economy 7 tariff.
Economy 7 hours differ depending on the electricity supplier. The most common hours this window falls on is between 10 pm and 8:30 am. You should consider this tariff carefully as it may end up costing you more as peak unit rates are often higher priced than other tariffs.
-
How Can I Reduce My Electricity Bill?
Whilst switching your electricity supplier will save you the largest amount, you can change simple everyday habits to make sure you have some extra cash in your pocket every month.
Turn appliances off at the wall
Leaving your appliances on standby can kill all your electricity savings throughout the year. Make it a part of your night-time schedule or integrate it with your smart home schedule. The Energy Savings Trust estimates that the average household will save up to £80 a year with this simple change.
Old appliances
You may be reluctant to throw out an appliance that is still going strong, but if they have a poor efficiency rating, it could be the invisible money pit in your home. The Energy Savings Trust estimates that simply upgrading a fridge freezer to an A+++ model from an A+ will save you £300 a year.
Get a smart meter
Keeping a watchful eye on your electricity usage can ensure your electricity bills are not running away. It will be a reminder of how much leaving a light, TV or even appliances costs. You can use the smart meter to identify anything in your home that is driving up the cost of your electricity bills.
-
What Is The UK Electricity Mix?
The UK’s electricity generation mix is:
- Gas: 32%
- Wind: 29.4%
- Nuclear: 14.2%
- Biomass: 5%
- Coal: 1%
- Solar: 4.9%
- Imports: 10.7%
- Hydro: 1.8%
- Storage: 1%The UK electricity mix deliberately consists of several sources to ensure that the lights in the UK stay on through a diverse range of sources and technologies that can provide a constant and flexible energy supply.