As with any major financial change, there’s a fair bit of misinformation surrounding the energy price hike that will start on April 1st this year. Headlines use click-bait titles that tell the general public that their energy bills will be raised up by almost £700, but that isn’t quite the truth.
The actual rise is 54%, which means that your bill will be going up by a substantial amount, but not everyone is going to see a huge increase. It all depends on how much energy you’re currently using in your home and what you will be paying for it as of April 1st. All energy companies are raising their prices, so it has been advised that there’s no point in switching to another energy company because you’ll lose the protection that your current one offers you.
If you decided not to take a meter reading on March 31st, we highly suggest taking one as soon as possible. Without drawing a line between the old energy rates and your new one, you could be paying extra for energy you already used before the prices went up.
Call your energy company and have them calculate how much you owe for what you already used. We can’t guarantee that your supplier will be able to help you if you’re giving them a late reading, but there’s no harm in asking if they can.
It’s likely that you’ve been automatically switched to your supplier’s standard tariff. This isn’t a bad thing! By not selecting a new tariff and letting the change happen automatically, you may have saved money. New tariffs coming into effect are more expensive, while existing customers who have been automatically switched won’t be hit with huge charges.
Go into your account through your energy supplier’s website and check what tariff you’re currently on. You’ll be able to compare your new tariff to your old bills to see exactly how much more you’re paying per unit of gas and electricity.
There will be another price cap coming into effect in October, which has been estimated at a further 24%. Between April and October, it’s worth looking at fixing your tariff and seeing what deals your energy supplier can offer you.
By choosing a fixed tariff, you’ll have a full year where your charges cannot be changed.
It's also a good time to consider other ways of saving money on your property with a more energy efficient house.
Get your FREE no obligation quote today.
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