Energy Price Rises Update and Fixing

Unfortunately it looks like we are going to be facing another rise in energy bills in October and the predicition  from OFGEM, the energy regulator, is that the  typical household could be  paying an energy bill of about £2800! This is an increase of over £800 from the current price cap of £1971.

So based on all this the big question is should you look at a switching to a Fixed Tariff?

This is still a difficult one to advise on but  the general advice and message from Martin Lewis from MoneySavingExpert is  that it is still best to stay on your  April Price Cap tariff unless the fixed tariff is no more than 25-30% higher than your current price rates!

Unfortunately there are currently no fixed deals like this on comparison sites but there are a few existing customer deals being offered by some energy suppliers so it means keeping and eye out for deals on offer from your energy supplier.

Here is a useful video from Martin Lewis:  https://youtu.be/JvVld-qY3Gc

In the meantime there is huge pressure on the Government to introduce a windfall tax on the energy companies to help those households that are really struggling and an announcement is expected from Rishi Sunak tomorrow.

Here is a summary of the existing support that is available:

  • Council Tax Rebate - £150 for households in A-D category homes
  • £144million discretionary fund pot available for households that are struggling but don't live in band A to D homes
  • Repayable Loan - £200  (£40 per month) provided by your energy supplier
  • Warm Home Discount -  £150 available for low income households from October
  • Winter Fuel Payments  - £100-£300 available for people born on or before 26 September 1956.
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For further help on how to save on fuel costs please see our smart energy saving page or feel free to contact us.

 

Source: moneysavingexpert.com and bbc.co.uk
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