NOW is the time to switch suppliers as energy prices jump 7% in TWO months
HOUSEHOLDS could save up to £400 by switching suppliers and it’s getting even more urgent as the cheapest gas and electricity tariffs are disappearing
ENERGY costs have jumped by 7 per cent in the last two months, up from an average of £784 per year to £839.
The data is based on the average cost of the top ten gas and electricity tariffs on the market, according to MoneySuperMarket.com.
An energy expert from the comparison website said the rises were “staggering” and urged customers to switch to a fixed deal before energy firms put up their prices.
A number of experts have recently warned about rising wholesale costs, partly due to the weak pound, which could push up bills even higher.
Stephen Murray, from MoneySuperMarket.com, said: “Against a backdrop of rising wholesale energy costs, energy prices are on the up and customers are the ones footing the bill.
“The speed at which prices are going up is staggering, with a number of suppliers withdrawing their cheapest tariffs since the start of September and this is only going to continue.”
“Not only that, but the difference between the Big Six standard tariffs and the cheapest deals is getting smaller and that usually means one thing: an impending hike in prices to the millions of customers on these standard variable deals.”
He added that households should switch now to a fixed tariff, before prices rise even further.
The warning comes as the number of people switching suppliers hit a three-year high.
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According to Energy UK, which represents the industry, almost 600,000 customers moved supplied in October and 9 per cent of people went to a small supplier.
Lawrence Slade, chief executive of Energy UK, said: “It only takes a few minutes to find the right deal. More than 40 suppliers are offering many deals under £1,000, so take advantage.”
How to switch energy suppliers and save up to £400
If you switch regularly, then the savings are usually smaller - around £50 a year.
But with rising wholesale costs and experts predicting a string of rises from suppliers it might be time to switch to a fixed energy deal.
The actual cost of your energy bill will vary based on your postcode and usage, this means getting online and doing your own tailored search through a comparison site is the most accurate way of finding the best deal for you.
Sites such as, uSwitch.com, GoCompare.com or Energyhelpline.com are a good place to start.
You’ll need a recent bill and details about who supplies your energy to get an accurate comparison.
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