Act now to overcome the hikes – even if the savings are currently small
With the massive spikes in wholesale energy prices this year, cheap deals are disappearing fast – but don’t let that put you off.
Compared to the new price cap, switching to the cheapest solution on the market can save an average of £ 100 per year in typical usage – and protect you from future price increases. So if you do a cheap 1 year fixed comparison, you can log in at a cheaper rate, and as the likelihood increases again over the next year, your actual savings will increase.
Or, if you are ready to settle on a cheap variable, you can save even more. The cheapest price right now is over £ 170 / year below the October 1st price cap. Be aware, however, that while variable rates may undercut fixes right now, it is possible that some are just cheap as they are about to announce a hike.
You can use our Cheap Energy Club to compare the entire market or use our popular Pick Me A Tariff tools, where you tell us your preferences and we will find your top tariff.
Are you having trouble paying your bill? There is a lot of additional help
Fortunately, if you run into trouble, help is available. Emergency measures that have been taken to help people struggling with bills due to the coronavirus are still ongoing. Most importantly, your supplies are not interrupted – the disconnection from standard credit counters has been suspended while prepaid customers can get emergency or additional credit to ensure the lights stay on.
There are also a number of options vendors can offer if you’re struggling, including full payment plan reviews, affordable debt settlement plans, payment breaks or cuts that give you more time to pay and access to hardening agents. This all happens on a case-by-case basis. So contact your supplier as soon as possible if you have any problems.
In August, 26 suppliers – covering over 90% of households – also signed an industry commitment to reach those who need help most this winter. The pledges include efforts to increase awareness of the help available, make it easier for customers in financial difficulties to contact them, improve billing accuracy, and increase the installation of smart meters for prepaid customers.
There are also a number of energy grants to help people with certain benefits with winter bills. For full details, please see our Guide to Housing and Energy Subsidies or visit the Ofgem website for a full overview of what is available and what to do if you are having trouble paying.