Are you paying too much for your energy bills? Chances are, the answer is a resounding yes! But there are some easy ways to make sure you're getting the best deal possible. Read on to find out…
Energy prices are expected to rise by an average of 5% in 2017, according to EnergyHelpline, with several major providers announcing they plan to hike their prices imminently.
Energy giant EDF expects to increase its prices by as much as 8.4%, and some smaller firms, such as GB Energy, have admitted they will be increasing prices by a whopping 30%. These changes could increase consumers’ energy bills by as much as £51 for each bill, according to finance website This is Money.
Upcoming price rises aside, consumers aren’t getting the best bang for their buck when it comes to energy. According to The Telegraph, the average UK household is spending £1,066 on their annual electricity bill. This is over £200 more than the cheapest fixed-rate deal, meaning that many consumers could save themselves money by shopping around. Comparison websites make it simple to see how your rate fares against those of other providers, so there’s no excuse for paying more than you need to.
3 top tips for cutting your energy bills
1. Negotiate with your current supplier
Sometimes all it takes to get a better rate is a phone call to your supplier asking what other deals they have available. You could even get in touch with a competitor for their rates, and see if your current supplier will match this deal.
2. Get a fixed-rate deal now
Some customers are immune from the upcoming price increases because they’re already on a fixed-rate tariff. If you secure a fixed-rate deal now, you could avoid the price rises later in the year. Be aware that fixed-rate deals often have a costly exit fee, so if you think you might need to switch in the near-future (for example, because your rental contract is ending), then a variable rate might be better for you.
3. Risk a variable rate
Although they’re usually the cheapest tariff on the market at any time, variable rates are not set in stone and can go up and down. So, while you might get a cheaper rate in the short-term with a variable rate, in the long-term you could end up paying more.
What else do you need to bear in mind when you’re trying to get great value energy? With an industry-wide price rise on the horizon, speed is essential when it comes to switching and getting yourself a good deal.
Together we’re stronger
We’ve teamed up with iChoosr to give you the benefits of collective energy switching. The more people that take part, the better chance you have of securing a competitive rate. Residents sign up for free within a specific time window, and energy suppliers then bid against each other for the contract. The winning supplier is the one that offers the lowest rate. You aren’t under any obligation to accept the rate, so you have nothing to lose – why not sign up now?
With a whole year ahead of us, and a looming price rise on the horizon, now is a great time to switch and fix your energy supplier and get yourself a better deal.