The cheapest energy tariff we've seen this year has launched today – and it could take an average household's annual bill down to under £1,000.

Ovo Energy's Cheaper Energy Fixed* is a one-year fix, meaning the the rate you pay will not rise for 12 months. (Check our Cheap Energy Club for your cheapest rate.)

It works out as £180/year cheaper than an average standard tariff for someone with typical usage - the cheapest price we've seen so far in 2014.

Ovo's not the only small firm taking on the big six energy giants with cheap deals - but many low-cost tariffs aren't around for long, so when they launch, pounce.

Here are our current top picks – all these tariffs are available for dual fuel or electricity only.

New top pick tariffs
Fixed until Exit fee Cost/yr Service feedback (1)
Someone on an average big six standard tariff (2) - - £1,180 -
Costly standard tariff (3) - - £1,300
New - Cheapest tariff: Ovo Cheaper Energy* (4) 1 year £30/fuel £998 477 people, 87% say good
Cheapest no-exit fee fix: Flow Energy (5) 31 Aug 2015 None £1,010 Limited: 57 people, 46% say good
Cheap longer fix: EDF* 31 Jul 2017 None £1,210 1,470 people, 60% say good
Longest cheap fix: Npower Price Protector* 31 Mar 2018 None £1,250 1,020 people, 25% say good
All based on Ofgem typical usage, varies by region. (1) For each provider, not tariff, based on MSE poll of 8,950 people in Oct 2013. (2) Estimated average tariff across big six. (3) Npower, non-direct debit. (4) and (5) Direct debits taken in advance. All others monthly direct debit cost. Source:

ALWAYS compare and get £30 cashback

These are AVERAGE prices for typical usage. Your exact winner and saving depends on your usage and where you live.

Use our Cheap Energy Club Top Picks Comparison and it'll give you bespoke results for these tariffs, or all tariffs if you prefer, plus you'll usually get £30 dual-fuel cashback.

Uniquely, Cheap Energy Club then monitors your tariff and alerts you if it's time to switch again. Alternatively, there are more cashback deals in our Cheap Gas & Electricity guide.

Martin Lewis
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* Using these links helps the site stay free to use, as they're ‘affiliated links’ which invisibly take you usually via affiliate linkage or commercial money sites, which then pay this site. You shouldn’t notice any difference, the links don't impact the product at all and the editorial line (the things we write) is NEVER impacted by the revenue. If it isn't possible to get an affiliate link for the best product, it is still recommended and still included. The following links, Ovo Cheaper Energy, EDF Blue+ Price Freeeeze and Npower Price Protector, are identical unaffiliated links provided for the sake of transparency. Click on the following link for more details on how this site's financed.

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