Thousands of homeowners in the UK are set to be hit with larger energy bills as customer tariffs will be switched resulting in an annual increase. In fact, four of Britain’s biggest energy companies are ready to switch their consumers to standard deals.
And the impact could be felt as early as next month, with fixed rate tariffs coming to an end for customers with npower, E.ON, Scottish Power and EDF. Instead, consumers will be shifted to the standard tariff and bills will rise up to £280 a year. This is according to calculations from price comparison site MoneySupermarket.
Customers who’ll be hit with the tariff alterations over the next couple of months are being urged to make changes now and sign-up to a fixed scheme. This is amidst the energy suppliers refusing to rule out even greater price hikes in the future.
Already there are thousands of homeowners facing fuel poverty because of expensive gas, electricity and oil prices. And switching to a fixed tariff is an excellent way of protecting yourself from the rising costs.
M&S Energy Fix and Save are currently offering the cheapest fixed tariff rates, averaging at £1,139 annually until September 2014. And a spokesman from uSwitch said: “This has a cancellation fee of £50, but it’s not a particularly long-term fix, so provided you are happy to lock in until September next year it’s a good deal.”
Which? consumer watchdog recently found that energy bills remain in the top three worries of the average homeowner, along with petrol prices and food costs.
And Energy UK’s Angela Knight stressed that there is plenty of help and support open to those worried about energy bills. She says: “Don’t wait until it is cold to see if you are eligible; claim what is yours right away. Ring the helpline now on 0800 336699 and you could get home insulation in place in the next few weeks.”
But switching your energy tariff rates isn’t the only way to ensure cheaper bills throughout the year and you can improve home efficiency with a replacement boiler or home insulation. Inefficient boilers are still rife throughout the UK, wasting up to £300 a year on bills. An A-rated replacement is a fantastic way to save money and even slash the risk of a boiler breakdown.
Retaining heat is also important, so with loft lagging, double glazing or wall cavity insulation, you can keep more warmth in the property and ensure you aren’t wasting money.