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18 Oct 2019

News

Gas and electricity – price is only part of the issue

Michelle Slade analyst at Moneyfacts.co.uk comments:

“Once again we are in the situation where double digit price rises are the norm and everyone is wondering where to go for the best deal. Whilst it is a good time to be shopping around, Moneyfacts is calling on the power suppliers to do more to help customers.

What tariff am I on?

“Before you can do a comparison, you need to understand what deal you are on at the moment.

“Most people would obviously look to their latest bill for the answer but the majority of suppliers make no reference to tariff on the bill. For many the only way to find out what tariff they are on is to contact their current provider.

Does my existing provider really want my business?

“When you do a search on the likes of Moneyfacts.co.uk to get a better deal on your utilities, sometimes this will reveal that your current supplier has a cheaper deal – but why don’t they tell you this?

“There are a vast number of options available. A recent survey by Moneyfacts.co.uk shows that there are currently over 230 gas tariffs and 160 electricity tariffs on the market.

“Switching supplier isn’t always necessary. Just by switching tariffs with your existing supplier, you could make savings. Finding out and switching to the best deal for your energy consumption could save you as much as £320 each year.

How else can I cut my bill?

“There are also other ways to save money: paying by a fixed monthly direct debit is usually the cheapest option.

“Online tariffs are another way to save money. The supplier incurs lower administration and billing costs and this saving is passed on to the consumer.

“Discounts can also be had if you have your gas and electricity with the same supplier. However, this isn’t always the case, so make sure you check out separate options also.”

To compare the best utility deals around click on https://www.moneyfacts.co.uk/utilities/gas-electricity-suppliers.aspx

 

Moneyfacts Group
Moneyfacts is the UK’s leading independent provider of personal financial information and our data is used and trusted throughout the financial industry. 

 

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