We know there's a lot going on in the energy market right now, with bills rising, suppliers exiting the market, and lots of jargon being used which can make things confusing - especially in terms of whether it's worth switching now or not. Uswitch can help you make sense of it all - find out here about our dos and don'ts for switching now, energy price rises, what the price cap means, handy ways to be as energy-efficient as possible, updates on other energy news, and explainer guides to help you make sense of your specific situation.
With the energy price cap expected to rise further in October and January, we might have come to the point where it could be worth considering signing up to a fixed energy tariff. However, before you commit to a fixed deal, you should consider the following:
Do consider exit fees. You may change your mind about your fixed deal and want to switch. If this happens after your 14-day cooling-off period, you might have to pay an exit fee. Not all tariffs have them but some do, so make sure you know whether yours does.
Do consider the length of the deal. Most deals are for 12 or 24 months. During this time the price cap could rise or fall depending on market conditions, so consider how long you would like to stay locked in for.
Do stay informed. It’s important to keep a close eye on the market and run regular comparisons to see what deals are on offer. By signing up to alerts, you will be able to stay close to what’s happening in the energy market and be informed when a good deal comes along.
Don’t just go for the first deal you’re offered. Just because a deal is available doesn’t mean it is a good one or the right one for you. Consider the price of the deal, how long it is for and how important stability is for you right now.
Don’t get a deal you cannot afford. Make sure you can afford the deal you choose to take and do not feel pressured into taking one that you will struggle to pay for.
Don’t just look at the direct debit amount. The price you pay through Direct Debit each month is usually based on the estimated amount you will use over a year and may not be the actual cost. Make sure you look at the unit price and standing charge so you can understand how much you will be charged for your energy usage and how it differs from what you are currently paying.
20 June 2022, 19.45: Cornwall Insight, the energy market analyst, has forecast that the price cap for the first quarter of 2023 (running from January to March) will rise to £3,003 per year for a typical user.
This predicted increase is reflective of a rise in gas prices, which have climbed in response to the latest wholesale market uncertainty surrounding gas flows from Russia into European markets.
This price rise will naturally have you concerned about the impact on your bills, which have already risen significantly in the last few months, but Uswitch is here to advise and support you through this difficult period.
Find out more about the price cap and the actions you can take to manage your bills here:
See what energy support schemes or grants you - or any vulnerable friends or relatives - may qualify for, from either the Government or energy suppliers. Stay up to date with what’s happening in the energy market so that you will be ready to switch when the time is right. The Uswitch Quick Checker provides personalised information about your energy plan and a recommendation of what you should do.
It’s more important than ever to be energy efficient.
There are simple and affordable ways to prevent heat loss, such as draught-proofing doors and window frames, bleeding radiators and keeping thermostats at a steady temperature. Check out our other energy saving tips here.
While there are currently no savings when it comes to your energy bill, you may be able to cut costs on your other household bills. Reviewing broadband, TV and mobile contracts with Uswitch could be a quick and easy way to make a reduction on your monthly outgoings - you could save an average of £174 per year on your broadband alone.
Our easy to use tool shows you which government and supplier-specific energy help schemes you might be able to sign up for depending on your eligibility.
We know and appreciate that this is a difficult time for customers, and we want to do everything possible to make sure you have the right information at this time so you can make the right decisions.
We also regularly attend community engagement events so we can address your questions and concerns in person. See below for a list of our upcoming events:
28 July 2022 - Information stall: Housing Solutions Maidenhead - St. Luke's Community Hall, Norfolk Road, Maidenhead, Berkshire, SL6 7AT (11am - 2pm)