Fuel prices have rocketed across the UK in recent weeks, with over 30 energy companies going bust. This is bad news for consumers as families find themselves facing massive hikes in their gas and electricity bills, with indications that bills could rise by up to 50%. With the average household using about £1280 worth of fuel per year, this could mean customers having to find hundreds of pounds extra each year.
Smaller energy companies such as Bulb, Tonik, People’s Energy, Spark and Omni are amongst the casualties of the wholesale fuel price rise and their customers have been transferred to larger energy companies. If you are a customer of one of these failed companies, your new energy company will contact you in due course. Many customers are finding their new tariffs considerably more expensive than their previous supplier.
What You Can Do to Save £££’s
If you have been shifted to a new supplier after your old supplier went bust, check that your new supplier has put you on the most suitable tariff for your needs. You might be able to make significant savings just by moving to a different tariff. However beware of exit fees which can wipe out any potential savings if you leave the supplier before your contract is up.
Switching to a monthly direct debit rather than paying on receipt of bill will save a few pounds and is easier to budget for your energy bills throughout the year.
If all else fails you can always move to a new supplier. Unfortunately there isn’t as much choice as there once was, but you can still use an energy comparison service to try to find the best deal.
How You Can Save Fuel
Here are some simple tips to help you save on your fuel bills.
1.Turn down the thermostat. Turning down your thermostat by just one degree could save you £55 a year
2. Turn off appliances usually left on standby. Unplugging appliances that are not in use could save you up to £30 a year
3. Insulate your property. Heat rises so if you have insufficient loft insulation you are literally letting heat escape through the roof. If you own your own home there are grants available which can help with the costs of insulation, or even get the job done for free. Check with your local council or Citizens Advice Bureau to see what is available in your area.
4. Upgrade your boiler. You may be entitled to help with replacing your boiler for a new energy efficient one. Older people, people on certain benefits and those on a low income might be entitled to free boiler upgrade. Even if you don’t qualify for a free boiler, grants can help you slash the costs of replacing your old model. Again check with your council or the CAB to see what is available near you.
5. When you replace an appliance ensure that your new appliance is eco friendly. Every appliance is given an energy rating from A+++ to G. Buy appliance which are rated A for the best energy efficiency. Items which are always on, such as fridge freezers are much more expensive to run when their energy rating is poor. Choosing A+++ rated Items will save you quite a lot of money in the long term.