If you’re on your energy supplier’s standard or default tariff, you could save as much as around £400 a year by switching to a better deal.
The energy regulator Ofgen caps the amount suppliers can charge for their standard tariffs, with this cap currently standing at £1,127 a year. However, there are plenty of deals available which only will only set you back between £700 and £800 a year for a typical household, so it’s well worth seeing if you can cut costs.
Sarah Broomfield, energy expert at comparison site Uswitch, said: “Households are using more energy than usual, with the extra heating and electricity used while people are staying at home predicted to add £195 a year to bills.
“Our data shows that some households on suppliers’ default tariffs could save up to £404, with the gap between the price cap and the cheapest deal the highest it has been for seven months.”
Finding the right tariff
Current best buy fixed dual fuel energy deals according to Uswitch include the Outfox the Market Fix’D 20 10.0 deal, costing an average of £758 a year, and Tonik Energy’s Green Super Power v2 deal which costs an average of £776 a year for a typical household.
Remember though that the best deal for you will depend on where you live and how much energy you use, so it’s worth using comparison sites such as comparethemarket, MoneySuperMarket, Energyhelpline or Uswitch to see which tariffs are available to you. You might also want to look into collective energy switching schemes, whereby you join forces with other people to negotiate a cheap group deal.
Even if you’re not on a standard tariff, it’s important to check when your current energy deal ends, as you’ll automatically move onto the default tariff when it finishes. According to MoneySuperMarket.com, there are 58 fixed energy tariffs ending at the end of May, so if yours is one of them, you should consider starting your search for your next tariff soon.
More protection for switchers
The switching process usually takes no longer than three weeks to complete, but from May 1, customers will receive compensation if there is any delay.
The energy regulator Ofgem is introducing a new requirement for customers to be given a £30 automatic payment if their switch takes longer than 15 working days, if their energy supplier is switched by mistake, or if their final bill from supplier they’ve moved from doesn’t arrive within six weeks.
Mary Starks, executive director for consumers and markets at Ofgem, said: “More customers are switching than ever, with a record 6.4 million changing supplier in 2019. But we also know that a minority can still experience problems when they switch.”
“As part of our commitment to protecting consumers and enabling competition, we are introducing these new standards to give customers further peace of mind, and to challenge suppliers to get it right the first time.”
Switch your energy provider today and you could save up to £461* Click here