Energy switchers saved more than £300 since last winter – infographic

If you switched to a fixed rate plan before last winter’s price rises, chances are you saved close to £300

A pre-price hike switch could have saved you an electric guitar

A pre-price hike switch could have saved you an electric guitar

New research carried out by uSwitch, shows that consumers who switched from one of the big six energy companies’ standard plans before last winter, are likely to have saved around £300 over the past year.

During the run up to last winter’s energy price rises, the cheapest and most popular dual fuel deal available was M&S Energy’s Fix & Save tariff. Households which switched to the plan when it first appeared in August 2013, from one of the big six’s variable tariffs, saved an estimated £313* on their energy bills.

However, with this and may other tariffs now coming to an end, consumers need to pick a new cheap deal, to ensure they keep paying low energy rates. Households which do not switch before their plan ends will be rolled over onto a more expensive tariff.

Infographic

INFO_WhatCan313GetYou (2)

*Based on a medium usage customer using 3,200 kWh of electricity and 13,500 kWh of gas paying by direct debit with bill sizes averaged across all regions and with a flat usage rate.

Fixed price plans shield consumers from price rises

Consumers who switched to M&S Energy’s Fix & Save tariff, were able to fix their energy rates and consequently avoid the winter price hikes. Between November 2013 and January 2014 the big six increased energy costs by close to 10%.

Speaking on M&S Energy’s Fix & Save tariff when it launched last year, Tom Lyon, energy expert at uSwitch advised consumers to grab it before it was pulled from the market.

“Consumers should think seriously about taking advantage of this plan which offers the best of both worlds. Not only is it the cheapest deal on the market – which will appeal to consumers looking to tighten their purse strings – but it is also fixed until the end of September 2014,” he said.

Short term fixed deals still represent best value

Short term fixed rate energy plans continue to dominate the best buy table today. Extra Energy’s  new ValuePlus Fixed Price Sept 2015 is currently the best value deal available. It costs an average of £990 per year and has £25 per fuel cancellation fees.

First Utility’s iSave Fixed September 2015 plan is the second cheapest tariff on offer, costing the average household £992 per year, for 12 months, with exit fees of £30 per fuel. If you want a more flexible option, check out plans without exit fees.

 

Top best buy plans paying by monthly Direct Debit**

Supplier

Plan Name (POR)

Average Bill Size

Tariff type

Cancellation fee

End date

Extra Energy

ValuePlus Fixed Price Sept 2015

£990

Fixed

£25 per fuel

30.09.2015

First Utility

iSave Fixed September 2015

£992

Fixed

£30 per fuel

31.08.2015

Green Star Energy

No Worries 12 Months Fixed 1406

£1,009

Fixed

£30 per fuel

12 months

Flow Energy

Thames Online Fixed September 2015

£1,010

Fixed

No cancellation fee

31.08.2015

** Based on a medium usage customer using 3,200 kWh of electricity and 13,500 kWh of gas paying by direct debit with bill sizes averaged across all regions.

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