Should you consider switching tariff now?

Many households are currently paying double what they were a year ago and around 70% are on a standard variable tariff at the price cap rate.

With the news that October's price cap rise is set to push the average yearly energy bill to an astonishing £2,980, you might be wondering if now's the time to future-proof your bill and lock into a fixed deal.

Latest energy advice

There are no cheap tariffs available. In fact, just the opposite - the only non-price cap deals are fixed tariffs that are priced above the price cap level. These are being offered by utilities to existing customers and are worth considering as an option if you are offered one. Whilst they're more expensive in the short term, you get price certainty and peace of mind that your bills won't rise again come October.

The advice from MoneySavingExpert is that if you're offered one at no higher than 40% of the current price-capped rate, it could be worth switching.

Remember: A common misconception is the price cap is a limit on your bill. It's not! It's just a cap on the unit rate - there's no maximum on how much you pay for energy. Use more, pay more but equally there's still an opportunity to cut your bill by simply using less. The cheapest energy is the energy you don't use!

Start saving with Loop today!

FROM THE LOOP BLOG:

Struggling to pay your energy bills?

Energy costs are still top of mind for many after April's 54% price cap rise. If you’re worried about how you’re going to pay your energy bills, or you know someone in that position, here are some steps you can take.

Read more

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That's it for this week, but if you have any questions, drop us a line to support@loop.homes or check out the Knowledge Base.

Don't forget you can also follow us on Facebook or Twitter for more news and views from Loop and around the web.

Wishing you all the best

The Loop Team

Save energy. Save money. Cut your bill.