Household Bills
52% to switch energy provider
Households have been sparked into taking action to combat the rising cost of energy, as a Southern Energy hikes up its gas and electricity prices.
According to MoneySupermarket.com, British bill payers are fighting back as there is further speculation there may be price rises from other providers.
Over half of those polled in the survey of 1,700, said they would look to switch to a cheaper energy tariff. Of those, 28% had already applied for a new tariff, 11% planned to do so within a week, while another 13% said they would switch providers at some point.
Scott Byrom, energy channel manager at MoneySupermarket.com, said: “It’s a bleak outlook for those already stretched to their affordability tipping point by rising household bills.
“SSE is the only provider to show its hand so far, but unfortunately a round of price hikes now would mean bills increase just in time for the more costly winter months when energy usage is at its highest.”
MoneySupermarket said that a third of the UK adult population, believe a rise in monthly outgoings of £50 or less would push them to financial breaking point.
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Of these, one in five say they are now sitting on the brink, finding it impossible to meet their monthly bills and costs. MoneySupermarket said that the recent increases to energy bills are certainly going to push some people very close to the limit of what they can afford.
Byrom advised: “Anyone hoping to keep their energy bills low in a turbulent energy market should opt for the best value fixed price tariff, currently offered by OVO Energy. Its New Energy Plan product costs £1,088 a year on average with prices fixed for 12 months from your start date.
“This tariff isn’t available in the Scottish Hydro region however, the cheapest provider in this region is SSE. Its Fixed Discount tariff costs £1,149.71 on average with prices fixed until April 2014.
“While we have not yet hit winter in earnest, the longer, colder nights are certainly drawing in so customers languishing on their provider’s standard tariff should act now to ensure they switch onto the best deal in time.”