Switching to EDF for long term savings

[VictoriaClaire28]

Something I've been doing some research on... Martin Lewis has highlighted EDF as one of the best fixed options available and says now could be the time to switch for a lot of people. EDF's two year fixed is 24% more than the existing price cap but from October they are predicting prices to go up 46%+ 😫. We've decided to move, as whilst it's more expensive now hopefully it'll be a saving in the long term, plus there'll be no nasty surprises and we know what to budget for.

It looks cheaper than all other providers are offering (but there is a £300 exit fee if you want to leave).

You can also save a bit more money, if you use my referral code. We both get £50 credit
https://referme.to/danielo-15

A £300 exit fee. Blimey. That's a bit much. I'm used to exit fees for things that are based on interest, like mortgages, but... Utilities?? Is this common now? I've never heard of that before. Personally I'd prefer to just pay what I use because I can cut down use but I can't cut down a pre-arranged commitment. But that's just me.

Actually Martin Lewis website says there are no open market fixed price deals worth considering ATM. That is following a MSE update on the 17th of this month though, so just after you posted. Good luck with it all. It's very tricky at the moment for most of us.

Exit fees have existed for utilities for a number of years when fixing a deal, but they're usually more like £20-£30.

Look at his latest blog on it. There is a section called "Fixed energy tariffs that COULD be worth considering"

https://www.moneysavingexpert.com/utilities/-are-there-any-cheap--fixed-energy-deals-currently-worth-it--/#video

However it does look like the best EDF deals are only now available to existing customers.

I guess the exit fees have risen in line with the costs.