Britons can now take advantage of a new fixed energy deal that offers households a price £347 less than Ofgem's cap.
EDF has launched its new "EDF Essentials 1Yr Mar25V6" tariff for both new and existing customers.
The tariff will allow customers to fix their energy prices at an average cost of £1,581.
With the current Ofgem price cap sitting at £1,928 a year, the rate allows households to claw back serious money.
The new tariff will allow customers to fix their energy prices at an average cost of £1,581
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On April 1, the price cap will drop down to £1,690 - but the new EDF tariff still remains £109 a year cheaper than that.
Will Owen, energy expert at Uswitch.com, said: "It’s great to see some competition in the market again, especially from a well-known and highly-rated supplier such as EDF.
"Customers have been under the cosh from sky-high prices for years, so it’s a big step to see tariffs priced lower than the upcoming cap, and the cheapest we’ve seen since late 2021.
"At £1,581 for the average household, this should be worth considering for those wanting to take advantage of falling rates and lock in price certainty for 12 months.
EDF are offering both existing and new customers the tariff
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"If you decide to stay put on a standard variable tariff, it’s worth noting you will see your energy costs change every three months in line with the price cap.
"We don't expect this deal to be available for long, and EDF reserves the right to remove the deal at any time.
"We’re hopeful this will encourage more suppliers to price competitively to finally give customers choice – and financial relief – on their energy bills."
Next month's energy cap drop will see prices reach their lowest level since Russia’s invasion of Ukraine in February 2022.
The ongoing war in Eastern Europe has been a contributing factor to the spikes in household energy bills in recent years.
In its announcement, Ofgem warned that the cost of living crisis will continue to be high for many customers who will be saddled with rises in standing charges.