If you have a fixed rate energy deal and it’s coming to an end this winter, you could see your energy tariff jump up by an average of £164. According to new research, 64 gas and electricity deals with locked-in prices are set to end soon. This means that if you’re on one of those deals, your household could be moved automatically on to the supplier’s standard tariff – and this is typically more expensive.
Money Supermarket research shows that the average Big Six gas and electricity tariff currently costs £1,060.80 per year, with the average annual deal available at £896.58. That’s a staggering £160 more.
Switching could save you hundreds
If your gas and electricity deal is due to expire, it’s always a good idea to check a comparison site like uSwitch. When you find a competitive price, you can try calling the provider to see if they can offer you a better deal. Suppliers always want to get new customers and can be willing to give you a good offer if you’re polite on the phone. If you’re locking in for a one or two year deal, aim to get it as low as you can.
Don’t just bypass the new suppliers, as they’re offering great deals. Energy UK reveals that 1.3 million customers have moved from a large supplier to a small one this year. This can only be good news for consumers, as the larger suppliers are trying to compete by introducing new tariffs.
If you’ve never switched before, then you could be missing out on more than £400 a year off your bills. And even if the savings aren’t as big as they were a few years ago, switching should still be part of your financial routine. This applies to other bills too like mobile phones, car insurance and your home and contents insurance policy.
Here are some savings tricks to use and get your energy for less.
• Read your meter regularly. Don’t just rely on the supplier’s estimated reading – always give them an accurate reading when your bill is due.
• Switch to online billing – there’s usually a discount for this.
• In financial trouble? Be open with your supplier – they can come to some arrangement while you sort things out.
• Don’t assume a combined dual fuel policy is definitely cheaper. See if it’s cheaper to buy your electricity and gas as two separate bills.
• Pay by Direct Debit as this could save you around 5% to 10% off your bills.
Other ways to save
Switching your provider is a great way to save on your energy bills but there are other ways to cut back, and you could benefit from getting your home winter ready. Here are some other ways to get the best from your home’s energy.
• Change your light bulbs to energy savings ones.
• Turn the thermostat down by just 1°C and you could save as much as £90 a year.
• Try adding thick curtains to cut draughts from windows.
• Invest in a radiator key and bleed your system.
• Get your boiler and gas appliances serviced by a registered Gas safety engineer.