Get £50 cashback when you switch to M&S Energy Fix & More deal
This is no ordinary energy deal. This is an M&S Energy deal. The supermarket chain turned energy supplier is offering a £50 M&S gift card when you switch to its Energy Fix and More tariff.
That’s fifty quid in your back pocket and you will receive it within 30 days of the start of your supply date.
The deal itself will fix your energy bills for 24 months and would cost the average household £1,338.10 a year or £111.50 a month on a dual tariff combining both electricity and gas.
M&S also says 100% of the electricity it provides is from renewable sources, so you can feel better about your carbon footprint on this deal.
However, the actual energy you are receiving may not necessarily be all that green as all power comes directly from the National Grid. What M&S Energy will do instead is buy the equivalent amount of electricity you are using from hydro sources that generate electricity from running water.
A fixed rate deal can provide peace of mind as you know the rate at which your bill is worked out won’t move for a set period, so it will typically be the same each month unless your usage drastically alters.
Save up to £500 by switching energy provider
It is important to shop around for energy providers as you can save up to £500 when switching. M&S does present itself as an alternative to the Big Six. It is a trusted household name, but its supply actually comes through SSE, which is one of the major players.
The free money in the form of £50 is also a good incentive to switch but even with that you would still be paying more a year than the UK average of £1,250.
There are other deals on the market that can beat the M&S Energy offering.
OneSelect, which entered the UK market last year and is hoping to replicate a successful Dutch business on these shores, offers a 12-month fixed rate tariff that would cost £965.97 for an average UK household, or £80.50 a month.
Alternatively, you could fix with Outfox the Market – which promises 100% renewable electricity from solar and wind sources - for 18 months at £82.12 a month and £985.46 a year. This would give you slightly longer security than the OneSelect option but won’t last for as long as the M&S deal.
If you think energy prices may fall or just aren’t ready to fix, it may be worth looking at a variable rate deal that only moves when wholesale charges change. New entrant Igloo Energy uses smart home devices to ensure you only pay for what you use and offers a competitive variable rate at £990.53 a year or £82.54 a month.
Remember this variable rate could change at any time though, which could increase your monthly bills.
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