Many British households are currently witnessing the cheapest energy bills since 2018.

Data from the UK-based price comparison service Uswitch states that a ‘significant’ drop in global energy demand and wholesale prices has resulted in record-low energy tariffs.

The Fix’D 20 11.0 tariff from Outfox the Market is the cheapest currently available, costing just £764 and set for 12 months, while British Gas is offering the lowest tariff from the Big Six with a plan charged at £806.

According to Uswitch data, day-ahead wholesale electricity prices dropped from £43.55/MWh to £24.18/MWh in April 2020.

Will Owen, Energy Expert at Uswitch, said: “Life is far from easy at the moment, but one small chink of light is that energy prices are lower now than they have been for almost two years. This will be particularly welcome news for any homes consuming more power than usual due to the lockdown.

“We last saw a period of prices this low almost two years ago in the Summer of 2018, so now is a great time to explore whether you can save some money — no one should be paying a higher rate for their energy than they need to.”