Your need-to-know guide to Standard Variable Tariffs (SVTs)
Most energy suppliers will offer a standard variable rate (SVT) tariff as their default option. If you decide not to change tariff or supplier, you will likely be placed on this gas and electricity plan.
It can sometimes be known as an ‘evergreen plan’, this would mean that the price you pay could increase or decrease depending on market fluctuations, and/or changes made by your provider.
If you look for standard variable tariffs (SVTs) online, providers sometimes list the key ‘features’ of these plans to highlight them and make them appear to be an appealing proposition. However, this isn’t always the case, as standard energy tariffs will likely cost you more and be the energy supplier’s most expensive option.
One of the few advantages a standard tariff offers is it’s flexibility. Normally, you would be given the option to switch to another plan without having to pay any administration fees. It’s important to note that if you’re currently on a fixed-rate or a capped-rate tariff and you find a cheaper deal, it is likely that you would have to pay a fee to transfer away from your existing plan.
Many customers end up paying more than they should do on their energy bills because they decide to stay with the same supplier and avoid switching. It’s quick and easy to compare and switch energy suppliers with Utility Saving Expert.