Published on October 20th, 2013 | by Tom Wake0
How to lock in savings of £72… £294… £350 or more on your electricity and gas bill before the price hikes
Rising energy prices have featured heavily in the news recently and you might be worrying what will happen if your provider suddenly decides to hike their prices by 8% or 10%. The good news is there is something you can do right now. It takes minutes, doesn’t cost you anything to do and could save you hundreds of pounds.
Southern Electric have already announced that they’re raising their prices by 8.2% and British Gas are raising theirs by an average of 9.2% from November 23rd.
It makes for sobering reading and more energy providers are expected to follow suit over the coming weeks and months.
The good news is that you don’t need to start dismantling your furniture and flinging it into the fireplace just yet – you can fight back. These energy companies will only profit from those of us who DON’T take action. As an Insider’s Edge reader I want to ensure you’re not one of those people.
It’s bad enough having to budget for the rising costs of everyday living without worrying about how much it’s going to cost you to stay warm this winter.
Set aside 15 minutes now and you could save yourself hundreds of pounds
Not only can you ensure you don’t fall prey to big price hikes you could actually save hundreds on your existing bill (and even pick up a nice bonus on the way).
The secret? It’s actually very simple.
Use one of the following price comparison websites and let someone else do all the hard work for you.
I’m sure you’ve been told this a hundred times before but it really works. It takes a few minutes to go online, check the best deals against your existing tariff (and upcoming price increases), fill out the simple forms online and complete the switch.
Sophie and I do this every year and we always end up with a much better deal and usually a bit of cashback.
How much could you save?
Every case is different but Uswitch calculate that at least 10% of their users save £294 or more, Confused.com say at least 10% of their users save £350 or more and My Home Energy switch say that on average (across all users) people save £72 per annum.
It’s simple, straightforward and safe
In case you’re wondering…
– You don’t have to do anything other than click on the best deal and fill in a few simple details online
– You’re safe. You will NOT be cut off from your energy/gas supply during the switch even if for some reason it goes wrong (it won’t and even if it does, the energy company will be liable for any resulting costs to you)
– Feeling a bit panicky about doing this online? Don’t worry, if you’d rather do it on the phone you can. I’ve listed a couple of numbers below.
Here are the top switching companies to check
Confused.com (Important, read below because you can get cashback using this website if you order online)
Or call free on: 0800 310 2403
Uswitch (Important, read below because you can get cashback using this website if you order online)
Or call free on: 0800 051 5492
Or call free on: 0800 001 4706 (they can do the whole process for you over the phone)
There are other price comparison websites you can look at too but I don’t want to overwhelm you with choice here.
You can find them by Googling: “energy price comparison”.
Important: Top tips to save you even more money while you’re filling in the simple online forms
When you’re browsing through the different deals note the following:
1. Select the Direct Debit option and save 8%+
If you can afford to pay monthly, choose the direct debit option, you’ll get a MUCH better deal.
2. Choose a ‘fixed tariff’ and lock in a long-term rate
On a fixed tariff you won’t be subject to price hikes while you’re locked in so you can rest easy. When the fixed tariff ends you can simply switch again!
3. Use a cashback link and save an extra £10 – £25 (or more)
On the TopCashBack website click under ‘Utilities’ then ‘Gas and Electricity’.
You’ll see a huge range of cashback offers. Both USwitch and Confused.com are on there offering between £20 – £25 cashback on ‘dual fuel’ switching and £10 – £15 on ‘single fuel’ switching.
Register with TopCashBack then sign in, navigate to the above section and use their link for USwitch or Confused.com. You’ll get exactly the same deal and make an extra £20 – £25 (at time of writing) for doing absolutely nothing.
Some of the energy companies offer even greater cashback deals on the site so once you’ve found the best deal try using TopCashBack’s link to go directly to the company and you may get even more cashback (in one case as much as £105!)
It’s worth noting that in some instances USwitch or Confused.com will be able to offer better deals than going direct to the individual companies – so double check the prices match. Worst case scenario, you should be able to save AT LEAST £20 using TopCashBack.
Don’t delay on this because once all the big energy companies increase their prices the deals won’t be quite as impressive. It’ll still be worth doing, but NOW is the time act.