Credit, collections & insolvency news
With energy prices set to rise 10% in October, new research from Go.Compare Energy has revealed that half of consumers (51%) would consider switching energy providers to manage the cost of their bills, with one in four (25%) actively looking for a new tariff.
The new Price Cap will increase from £1,568 to £1,717. Ahead of the increase, experts at Go.Compare Energy are reminding people to submit a meter reading to make sure they aren’t overcharged for their energy, as well as encouraging bill payers to look around at the options on the market.
Gareth Kloet, Spokesperson for Go.Compare Energy said “With the cost of energy set to rise again in October, many people will be thinking about their current energy tariff. The rise is a reminder that the UK energy market is still subject to fluctuations but now is a good time to consider opting for a fixed-rate tariff.”
“For lots of customers, switching tariffs hasn’t been something they have considered for a few years, but now could be the right time to fix your rates before the colder months set in. But before you switch, it’s a good idea to take a look at your current tariff and your energy usage – if you are on a flexible/variable tariff then the cost of your energy will depend on the wholesale energy market meaning that your bills could unexpectedly change.
“If you are on a fixed-rate tariff but want to look at other options available it’s worth checking if there are any early exit fees involved if you leave your contract early, which could cancel out any savings you make. Using a comparison site is a great way to see the options available on the market for you.
“Whether or not opting for a fixed rate tariff is the right decision for you, taking a meter reading as close to 30th September before the prices rise will make sure you are charged the right amount of energy at the right rate. You could also consider increasing your monthly direct debit payment ahead of the colder months when your energy usage is likely to increase.
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