You are here: Home - Household Bills - News -

Check now: is your energy bill set to soar?

Written by:
A total of 54 fixed energy deals are set to expire before the end of August, meaning thousands of customers are in danger of being rolled on to more expensive tariffs when the colder weather kicks in.

Analysis by MoneySuperMarket shows 19 tariffs end in June, 17 in July and a further 18 in August from the likes of EDF, British Gas, Scottish Power, Npower and smaller suppliers such as GnERGY and Affect Energy.

When these deals end, providers will roll customers onto their Standard Variable Tariff (SVT), which is typically their most expensive. Households on these deals could see their bills rise by £192 on average if they don’t take action and secure another fixed rate before their tariff end date.

The comparison site said average bills are higher now than 12 months ago, but there are still deals to be found.

For example, its deal with Co-operative Energy offers a one-year fixed tariff to new Co-op customers only, with annual bills starting from £849.47.

Stephen Murray, energy expert at MoneySuperMarket, said, “Even though the price of average fixed rate tariffs has jumped significantly in the last 12 months, switching to one still means customers can significantly minimise the increase they will see by rolling over onto a standard variable tariff.

“It’s still a competitive market out there, whether you want to go with a Big Six or smaller supplier – households just need to make sure they are on the best possible deal and not paying £200 too much for their energy.”

The majority of fixed deals come with exit penalties designed to deter customers from switching during the period.

However, these cannot be charged within 45 days of the tariff end-date, meaning customers have over six weeks to switch, penalty-free.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Autumn Statement: Everything you need to know at a glance

Yesterday Chancellor Jeremy Hunt made his first fiscal statement in the role, outlining a range of tax measure...

End of Help to Buy: 10 alternatives for first-time buyers

The deadline for Help to Buy Equity Loan applications passed on 31 October. If you’re a first-time buyer who...

Moving to an energy prepayment meter: Everything you need to know

As households struggle with the soaring cost of energy, tens of thousands of billpayers are expected to move o...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week