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Energy Bills Rising £139 - Will You Switch?

In the News

Today Ofgem, the energy regulator, announced the biggest increase in a decade. Average energy bills increasing £139.

15 million households will be affected (half the population).

Today, I was on GB News shouting about this, raising awareness that people need to switch energy provider, or to a better deal to save money.

Ofgem estimates an average of £300 can be saved by switching to a better plan, with savings available if you haven’t switched in 12 months.

So, will you switch? Or are you happy to pay an extra 15%, £139?

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How to save money on your energy

  1. Switch Energy Provider
  • The number one thing you need to do is switch energy provider.
  • 11 million households are being ripped off with the most expensive fees because they haven't switched.
  • If you can't remember the last time you switched, that's probably you.
  • Ofgem estimates that the average household can save £300 a year by switching.
  • The best time to switch is before Winter, right now, so you're on the cheapest plan when you use the most energy.
  • And as an added benefit, more and more now, the cheapest plans may also be from renewable energy sources, so it's better for the environment.
  • To switch, look for the latest deals on comparison websites or just call a few companies and see how much you can save.
  1. Get a Smart Meter -
  • If you don't have a smart meter, ask for one.
  • Smart meters automatically measure how much you have used, and get you an accurate bill.
  • If you don't have one, energy companies guess when they bill you - before doing a manual check at some point. So you can end up paying more than you need to.
  • If you can't get one, then do your own energy readings regularly and update it on the energy company's website.
  1. Turn Down the Thermostat -
  • The Energy Saving Trust says that turning down your thermostat by just 1ºC could cut heating bills by up to £75 a year.
  • Knock it down a degree and pop on a jumper and you can save some money.
  1. Government Warm Home Discount -
  • If you are on a low income, or get the Guarantee Credit element of Pension Credit, you might be able to get the Government's Warm Home Discount.
  • From October to March this year, you'd get a £140 discount on your energy bill.
  • It's not cash given to you, it's a discount on your energy bill
  • You can check if you're eligible online.

For more tips, read our money-saving guide on How to Save Money on Your Energy Bills.

Tom
Tom
Founder
a month ago
What do you think of this?
Ann1984
Ann1984a month ago

But switching will only give you huge bill at end of year they put you on low cost but people in winter using more heating electricity. I been with same company 4 years yes it’s a lot of money but don’t have huge bill I get rebate whice is like a saving

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Golfforall
Golfforalla month ago

You absolutely must switch (or at least do the price comparisons on U Switch , MSE for instance ) . I check the prices every couple of months now I am on a variable rate .

I get your point , but what you must do is provide your "usage" for a whole year to get an accurate comparison . No good putting in July's usage and expecting the years bill to be 12 times that .

I'm also sure that many still think that if you put a "lower usage " in - your bills will be lower ! The estimate may be , but at the end of the day you pay for what you use (not the estimate ) hence large bills in a few months time when they see your actual usage !

I know exactly how much I use per year - 2800 kwh elec , 7500 kwh gas . When I check my comparison I always add a bit (3000 elec , 7800 gas) to ensure I am always comfortably in credit .

No point in putting in lower figures as it will only come back to bite you when you can least afford it !

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Ann1984
Ann1984a month ago

Golfforall yes that’s how I learned by putting low and having huge bills come March. We use a lot in our house being a 3 story and 6 people living at home winter always high but I pay over throughout year to cover winter months.

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Golfforall
Golfforalla month ago

Ann1984 More important that you compare regularly . Fixed rates are often (but not always) the best and fixed rates normally come with a "pay to leave early clause"

Energy prices are cyclical , just look at the price of Petrol/ Diesel at the moment 🙄. They are certainly at an all time historical high - who knows if they will continue to rise or perhaps fall back ?

Energy suppliers are similar to insurers , the rates they offer loyal customers are higher than what they offer to new customers , so worth comparing regularly even if you don't switch . Bear in mind there is always £80 - £120 cashback to be earned from switching too (check TCB for instance ) .

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TheChimp
TheChimpa month ago

I can't believe that so many households are on the standard variable tariff. It only takes a matter of minutes to switch to a fixed price deal.

I don't have a smart meter. The main problem is that when you switch to a new provider, a lot of them become 'dumb' and won't relay your usage to the new power company. To be honest, having one wouldn't change our usage anyway.

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Golfforall
Golfforalla month ago

That's not strictly true . I always used to do fixed rates (for peace of mind and the belief nothing ever goes down in price ) . My current one is variable as it was 15% cheaper than the best fixed rate when I switched back in June .

It's going up 10% -11% from September but is still the cheapest for me at the moment . That's why I check every couple of months and obviously did so when they informed me of the hike .

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TheChimp
TheChimpa month ago

Golfforall I went with a variable rate with Igloo last year because it was the cheapest, but (if I remember correctly) it went up 11% in September and then another 9% a couple of months later.

I'm not saying that fixed tariffs are the best, but you do leave yourself open to increases.

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Golfforall
Golfforalla month ago

TheChimp That's the one I switched to in June 🤣 as they were 15% cheaper ! I did expect prices to rise (and they have by 12% !) . Already got my £50 cashback and as there is no lock in period with a variable rate I could switch again within 2 or 3 weeks .

Problem is , even after the latest 12% hike they are still at least 5% cheaper than any other deal for me !

Once you have registered with MSE and/or USwitch your usage is in their database so you can log in every few days (which I will be doing now 🙄) and compare your current "deal" with the rest of the market in a few seconds .

The nice thing about Igloo is that they give you 3% interest on your credit balance , so you don't feel it's a waste being in credit .

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TheChimp
TheChimpa month ago

Golfforall Ah, Igloo got too expensive for me.

The 3% interest was good though.

What really annoys me that most energy companies will charge you £30 odd if you want to switch mid-contract.

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Golfforall
Golfforalla month ago

TheChimp Yes on the comparison sites you can filter by "no exit fees " and even on those with exit fees they have to let you go for free 42 days before the end of contract .

Members should realise it isn't hard at all :-

a) Get your last years usage from your latest bill .

b) Register on a switch site

c) Input your current supplier and usage (or current supplier , Plan and annual bill)

d) View your alternatives from many suppliers and how much cheaper/ dearer they are .

Members should realise their supply doesn't cease on switching , the billing is simply transferred to the new supplier (usually within 21 days ) . You simply take a meter reading and fill in a DD if that's your chosen payment method , that's it .

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HEDGEHOGS
HEDGEHOGSa month ago

Yes I'm, a switcher, as soon as one contract ends I'm on the lookout for the next best deal, always have done. I've got an Auntie who's been with the same supplier for gas, electric, phone etc for year's and wants to stay loyal 🤣 .

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TheChimp
TheChimpa month ago

HEDGEHOGS I know what you're talking about.

My parents have been overpaying for years, especially with British Gas.

They won't be told though.

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HEDGEHOGS
HEDGEHOGSa month ago

TheChimp Yep absolutely British Gas and BT, top 2 companies who repay you for your loyalty 🤣

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Gazz3
Gazz3a month ago

I would also recommend comparing gas and electric separately if I decided to switch my gas and electric over today that would the best option for me. Gas and Electric together would cost me £210 more than last year and separately £125 based on 12 month fixed

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mrsmac59
mrsmac59a month ago

It's an absolute minefield our there trying to work out which is the best supplier to go with and the cheapest I use a variety of comparison sites,I find some energy companies aren't always on these sites so I go directly to their site and compare.I don't have a smart meter,personally I don't feel I need one.I submit my meter reading every month.I know what uses the most energy regarding electric appliances.I like to see the cost per kw and daily standing charges not so much monthly dd.I am on a fixed tariff this time but only as it was as cheap as the variable options Currently with Symbio I know its not well known but it is cheap,I know they've had issues but are doing so well now, if it all goes wrong then I know I would be transferred to another company.Happened before so I know what to expect.

Any other info please feel free to tell me I think it's brill to be able to help others.

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Imnotcheap
Imnotcheapa month ago

I can't switch yet as I owe money still our bill went through the roof during lockdown them washing uniform daily but when out of debt will be going on price comparison site to see if I can get a better deal

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Golfforall
Golfforalla month ago

That ,unfortunately , is one of the weaknesses of the system as it stands . Those in deficit with their current supplier or on prepay meters cannot take advantage of the best rates from many suppliers .

It could be argued that those in greatest need of cheaper energy cannot access such deals .

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Imnotcheap
Imnotcheapa month ago

Golfforall couldn't agree more. Luckily we no longer have a pre paid meter. I remember one day when we did having to carry a pan around to my parents luckily not far to finish cooking it 🤭

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tumblespots
tumblespotsa month ago

We are on a fixed deal for electricity and use oil for heating. Oil fluctuates enormously and a full tank can cost you double the previous time if you leave it so that you are desperately low.

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Ann1984
Ann1984a month ago

Well today eon emails reduced monthly payments by £50 and credits 789 to my bank. I have always been in credit and drawn back 1289 so far this year. I see it as a saving tool.

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RegularComper90
RegularComper90a month ago

It's all about...

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beccatavender
beccatavendera month ago

We normally review our utilises on an annual basis, so if there's a better tariff we will switch.

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MrsCraig
MrsCraiga month ago

We compare our utilities every year and switch to the lowest tariff. We have just moved house and signed up for a new tariff. It is £21 less a month than our old one. We are always in credit with our utilities and always get money back at the end of our contract.

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