Coronavirus has forced thousands, if not millions, to work from home and adjust to a “new normal”. This will be tough enough as it is but it could be exacerbated by rising energy bills as a result of staying home all day.
- Money saving tips: The simple way you could slash bills by up to £140
Research from MoneySuperMarket revealed that 52 fixed rate energy tariffs will be ending by the end of April, with a further 58 ending in May.
The tariffs in question will be coming from the traditional “big six” energy suppliers as well as other smaller firms.
As all these tariffs are ending, it creates a great environment for hunting around for better deals.
Indeed, combined work from Ofgem and MoneSuperMarket highlighted that there are deals out there which could really save people money at the moment.
There are currently price caps in place which can limit what suppliers can charge customers on standard tariffs but even with this in place, there are over 100 tariffs that are cheaper than the current cap of £1,127.
MoneySuperMarket highlighted that standard and default tariffs are some of the most expensive available, consistently being hundreds of pounds more expensive than competitive tariffs.
Despite the savings available for customers, many may be worried about looking elsewhere due to exit fees.
Thrifty shoppers reveal how to cut costs on food shopping bill [INSIGHT]
Martin Lewis shares latest mortgage & bill holiday dates [EXPERT]
Martin Lewis issues savings warning: “Something funny’s going on” [WARNING]
However, it should be noted that customers are allowed to switch suppliers within six weeks of their tariff end date without being charged a penalty fee, meaning those with a fixed rate tariff ending in throughout May can start shopping around for a competitive tariff now.
Stephen Murray, an Energy Expert for MoneySuperMarket, commented on the current environment: “With everyone spending more time at home as a result of the coronavirus lockdown, we’re using more domestic energy than normal for this time of year – with some suggesting increases in the region of 10 percent.
“Despite this, the latest figures by Energy UK reveal that energy switches are actually down year-on-year.
“If you’re on one of the 110 fixed rate tariffs that’s coming to an end over April and May, make sure you avoid falling onto your supplier’s costly default tariff by switching to a better deal.
- Coronavirus lockdown scam: Do NOT believe this text – warning issued
“If you’ve never switched, then now is the time to do it. Energy prices are at a three year low, so it’s a good time to lock in cheap prices is now.”
Switching energy suppliers isn’t the only method available for saving money on energy bills.
The Money Advice Service provides advice on how to use less energy around the house, bringing down energy bills naturally.
They have five “top tips” which all consumers can take advantage of:
- “Turn down your thermostat – just reducing it by 1°C could cut 10 percent off your heating bill – it usually saves around £75 per year.
- “Turn off the lights – when you leave a room.
- “Fill up your washing machine, tumble dryer and dishwasher – one full load uses less energy than two half loads. Wash your clothes at 30ºC and don’t use the tumble dryer if you can avoid it.
- “Don’t boil more water than you need – making a cup of tea? Just boil enough for a cup of tea.
- “Use energy saving light bulbs – they last up to 10 times longer than ordinary bulbs and don’t cost much more. Using one can save you around £55 over the lifetime of the bulb.”
Source: Read Full Article