For a number of consumers the end of 2014 also signals the end of their energy plan. A raft of 13 popular tariffs from EDF Energy, iSupplyEnergy, M&S Energy, npower, SSE and ScottishPower will all expire in December 2014.
Consumers looking to avoid an increase of close to 10%, should run a price comparison to ensure they do not end up paying over the odds for their energy in the new year.
When to switch
If your energy plan is ending you will receive a letter from your energy supplier 42 – 49 days before the end of your plan. As soon as this letter reaches you, any cancellation fees will be waived. That means you are free to run a price comparison and switch to a cheaper plan, without having to pay any exit fees.
The best way to avoid your supplier rolling you on to a more expensive energy plan is to switch as soon as you get this letter. Although switching times are going to be cut in half, not all suppliers have this implemented at the moment, so it can still take up to six weeks to finalise your switch.
An array of energy options
When it comes to choosing a new energy plan, there has seldom been such an extensive range of options available to consumers.
One of the cheapest plans available is currently Extra Energy’s Merry Christmas Fixed Price Jan 2016. Costing the average household £950* per year, this plan carries £25 cancellation fees.
Next in line is First Utility’s iSave Fixed March 2016 plan is set at £951 per year. This tariff carries £30 per year cancellation fees and was released following First Utility coming second overall at the uSwitch Energy Awards 2014.
*Average bill sizes are based on a medium energy user paying monthly by direct debit, with bill sizes averaged across all regions.