Households warned energy bills could rocket by £300 a year unless they switch now
You could save hundreds on your energy bills by switching now before your fixed rate tariff deal ends
MILLIONS will see their energy bills soar within weeks as a flurry of fixed-rate deals end.
Eighty-four electricity and gas tariffs that were protected against recent price rises will expire by July 31.
It means millions will be put on standard variable rates — usually the most expensive prices available.
Individual household bills could rise by more than £300 a year on average unless new deals are found.
Four of the Big Six — British Gas, EDF Energy, Npower and Scottish Power — have fixed tariffs ending between now and the end of July. Smaller firms like Co-operative Energy, First Utility, PFP Energy and Sainsbury’s Energy also have rates due to expire.
Consumers are being urged to shop around for new tariffs now. They are allowed to organise a move within six weeks of their existing rate ending without penalty.
How to switch suppliers and save £300
SWITCHING suppliers is the best way you can cut your energy bills. But recent research from MoneySuperMarket found that households are throwing away up to £300 a year by not bothering. Here's what you need to do.
1. Shop around – If you’re on an expensive Standard Variable Tariff (SVT) deal you are throwing away up to £300 a year. Use a comparison site like MoneySuperMarket.com or EnergyHelpline.com to see what best deals are available to you.
The cheapest deals are usually found online and are fixed deals – meaning you’ll pay a fixed amount usually for 12 months.
2. Switch – When you’ve found one, all you have to do is contact the new supplier.
It helps to have the following information to hand – which you can find on your bill – to give the new supplier:
- Your postcode
- Name of your existing supplier
- Name of your existing deal and how much you pay
- An up-to-date meter reading
It will then notify your current supplier and begin the switch.
It should take no longer than three weeks to complete the switch and your supply won’t be interrupted in that time.
For more advice read our guide on how to switch.
Stephen Murray, energy expert at MoneySuperMarket, said: “With a substantial number of fixed tariffs coming to an end in June and July, you should act now and lock into another fixed deal, whether that’s with a new supplier or their existing one.”
“You don’t need to wait until the tariff expires – you can do it today.
“Switching online takes five minutes and it’s an easy process, with savings of £300 or more to be made.”
These possible price hikes come after 10.6 million Brits were affected by energy bill rises from British Gas, EDF Energy, Npower, E.ON, Scottish Power and SSE last week.
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