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Electricity Prices UK: 2024 | Average Price Per kWh & Tariffs

It is a great time to compare electricity prices with some stability in the market. Households are now able to switch electricity suppliers

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2024 Electricity Prices 

Ofgem has announced that the typical UK household will spend £1,928 annually. This amount will be reviewed again in March 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 or business 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.

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From April 2024

Unit Price (p/per kWh)

24.50p

Standing Charge

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 price cap level set by Ofgem.

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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 in your home or business, it becomes much simpler to choose an electricity tariff. You can pick from the following:

Fixed Tariffs


Choosing 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 Tariffs


Pre-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 Tariffs


A 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 Tariffs


Most 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 Tariffs


Choosing 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 10


Economy 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.

UK Electricity Prices By Region

We’ve broken down regional 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 2024
(p/kWh)

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 Providers 

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:

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.

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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

Average annual electricity cost by payment method 2024.

 

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