If you have just had boiler repairs in Chesterfield and want to make the most of your new energy-efficient system, you should cut down your fuel bills even further by switching supplier before the end of the month.
This is because 16 fixed dual fuel tariffs are set to come to an end next Thursday (June 30th), which could leave many customers significantly worse off, as nine of these will roll on to higher variable tariffs, Gocompare.com warns.
While homeowners may put off switching as they have other pressing things to do, they might be more inclined to take action after finding out their bills could increase by as much as £264.61 a year, a growth of 31.75 per cent.
This particular rise will affect Npower customers in the Midlands who are on the Fixed Energy tariff for June 2016.
Speaking about the urgency to switch tariffs for those whose charges will increase at the end of the month, Ben Wilson, energy spokesman for the price comparison site, said: “As the summer sets in it can be easy to forget about your energy bills. However, it’s important to keep on top of when your fixed deal ends or risk being put on a standard tariff.”
He noted the importance of regularly switching suppliers, as this can save customers as much as £207 a year by finding the cheapest deal for their needs.
However, not all the tariffs that are coming to an end this month will result in higher bills, with a few actually dropping their prices as their standard variable is cheaper than their fixed deal.
British Gas customers on Fix & Reward will save £56.81, for instance, while those with Ovo Energy’s Better Energy (Fixed to June 2016) deal will be £66.77 better off per year.
Despite this, Gocompare.com’s findings still show it is worth changing supplier every so often to ensure you have the best deal available, as loyalty to suppliers does not seem to pay anymore.
Regardless of this advice, the price comparison site recently revealed a staggering 21 million people in Britain have not switched provider for the ten most common financial products during the last 12 months.
This means 43 per cent of Brits have kept the same supplier for their car and home insurance, mobile phone, broadband, bank accounts, credit card and mortgage, as well as their energy, for the last year.
Men are more likely to switch than women, with 39 per cent of guys changing provider compared with 47 per cent of females during the same timeframe.
The most popular product to switch regularly is car insurance, with 22 per cent of adults having moved to another provider in the last year, while only three per cent chose a different mortgage company in the same period.
The best way to get a good deal is to put renewal dates in your diary so you know when introductory offers come to an end, check whether new tariffs are competitive before agreeing to them, look at the small print to understand the terms, conditions and penalties of the deal, and have a quick glance at competitors’ products to see whether you can find better options elsewhere.