Hi Hiya
Should you switch to a fixed tariff?
Energy costs are still top of mind for many after April's eye-watering 54% price cap increase. With no cheap tariffs available, the advice has been to stick to your tariff.
Whilst that advice still stands, Martin Lewis at MoneySavingExpert has shared some new advice to consider ahead of another increase - estimated at 32% - in October.
If you can find a fixed tariff no higher than 25% of the current price cap rate, it might make sense for you to now switch - taking into account October's estimated rise, a drop by around 12% next April and having the reassurance of price certainty.
Some suppliers are independently offering fixed tariffs at these rates to select customers and in these instances, it's worth considering. But, for the majority, sticking to a price cap tariff and saving energy is the best and only option.
Level-up your efficiency
The more energy you use, the more you pay - as you're capped on standing charge and unit cost, not how much energy you use. With up to 30% of energy wasted in an average home each year, saving energy can have a real impact on your bill.
- Monitor your usage. Learning what 'normal' usage means for your home can help you to spot the opportunities to reduce it and sharpen your ability to instinctively know the most energy-efficient way of doing something.
- Understand your Phantom Load. As energy prices rise, the amount of money you spend on wasted energy rises with it! Start by going around your home and just turning your things off - it can save more than you think!
- Rethink green measures. Taking bigger steps like installing solar panels can offset some of your bill with cheap, clean energy - and the financial incentives have never been stronger - the payback time has reduced by 30%.
