Electricity Contracts - Top 5
Compare the best electricity contracts on the market and find the one that best suits your household.
Why compare electricity contracts?
Choosing the right electricity contract can save you hundreds of dollars per year. With rising electricity prices and many different types of contracts on the market, it's more important than ever to compare different options to find the one that best suits your needs and budget.
There are several types of electricity contracts, including variable rate, fixed rate, and mixed contracts. Which one is best depends on your consumption, risk tolerance, and how much you want to engage with your electricity contract.
Below, we have compared the 5 best electricity contracts on the market based on price, terms, customer service, and environmental impact.
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1. Octopus Energy Variable
- Contract type
- Variable rate
- Contract length
- None
- Notice period
- 14 days
- Green energy
- Yes (100% renewable)
Pros
- Competitive pricing
- No contract length
- Excellent customer service
Cons
- Price can fluctuate
- Higher markup than some competitors
Price: Market rate + 0.5¢/kWh + $5/month
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2. Bulb Energy
- Contract type
- Variable rate (hourly billing)
- Contract length
- None
- Notice period
- None
- Green energy
- Yes (100% renewable)
Pros
- No markup on electricity price
- Smart app with consumption analysis
- 100% renewable electricity
Cons
- Fixed monthly fee
- Requires engagement for maximum benefit
Price: Market rate + 0¢/kWh + $6/month
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3. Ecotricity Green
- Contract type
- Variable rate
- Contract length
- None
- Notice period
- 1 month
- Green energy
- Yes (100% renewable)
Pros
- Low markup
- Focus on locally produced energy
- Great environmental option
Cons
- Slightly higher monthly fee
- Limited digital functionality
Price: Market rate + 0.4¢/kWh + $5.50/month
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4. British Gas Fixed
- Contract type
- Fixed rate
- Contract length
- 1-3 years
- Notice period
- 1 month
- Green energy
- Yes (optional)
Pros
- Predictable costs
- Good for budget planning
- Protection against price increases
Cons
- Contract length
- Can be more expensive if prices fall
Price: 15¢/kWh (1-year contract) + $4/month
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5. E.ON Next Mix
- Contract type
- Mix (50% fixed, 50% variable)
- Contract length
- 1 year
- Notice period
- 1 month
- Green energy
- Yes (optional)
Pros
- Balanced risk level
- Partial protection against price increases
- Good for uncertain markets
Cons
- Contract length
- Slightly higher markup
Price: 50% fixed (14¢/kWh), 50% variable (market rate + 0.6¢/kWh) + $5/month
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How to choose the right electricity contract?
When choosing an electricity contract, there are several factors to consider:
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Contract type
Variable rate: Follows the market price of electricity. Can be advantageous when electricity prices fall, but also carries a risk when prices rise. Suitable for those who can handle some variation in their monthly costs.
Fixed rate: Provides a predictable electricity price throughout the contract period. Good for those who want control over their costs and don't want to worry about price fluctuations. However, it can be more expensive if market prices fall.
Mixed contract: A combination of fixed and variable rates, providing a balanced risk level. Part of your consumption is priced at a fixed rate, the rest at a variable rate.
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Contract length and notice period
Contracts without a fixed term give you the freedom to switch suppliers whenever you want, while contracts with a fixed term often offer a lower price but less flexibility. Always check the notice period so you know how far in advance you need to cancel the contract.
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Markup and fees
In addition to the electricity price itself, there is often a markup (cents/
kWh) and a fixed monthly fee. Compare the total cost based on your consumption, not just the electricity price. -
Environmental impact
Many electricity suppliers offer green electricity from renewable sources such as wind, solar, and hydro. If the environmental aspect is important to you, choose a contract with 100% renewable electricity.
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Customer service and digital services
Good customer service and user-friendly digital services can make a big difference in your experience as a customer. Some suppliers offer apps where you can track your consumption in real-time and get tips on how to reduce your electricity consumption.
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Special offers
Be aware of special offers such as discounts for new customers, combination offers, or other benefits. But make sure to compare the total cost over the entire contract period, not just during the discount period.
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Electricity area
Some countries are divided into different electricity areas with different electricity prices. Which area you belong to affects your electricity price, especially if you have a variable contract. Check which electricity area your home belongs to and compare prices specifically for that area.