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Half a million British households could see their energy bills rise if they don’t switch when their tariffs expire this January, according to new Uswitch research.
With 68 fixed deals due to expire at the end of the month, households on these tariffs could see their energy bills rise by an average of £171 if they don’t switch to a cheaper deal. Almost half a million households are on these tariffs, with their bills set to increase by a combined total of £84 million.
Households on fixed energy deals are usually placed on their supplier’s default or standard variable tariff after their initial fixed period ends. These types of tariff are typically the supplier’s most expensive plan.
With the energy price cap in place, these plans cost an average of £1,042 - which is £92 more expensive than the cheapest deal available through Uswitch today*.
The price cap is also expected to increase in the coming months, widening this gap even further.
You can see the cheapest deals available through Uswitch in the table below:
Based on average bill sizes for a medium energy user on a dual fuel plan paying by monthly direct debit, and averaged across all regions. This information is updated hourly with energy plans which are available to switch to through Uswitch. To appear in this table, plans must be available in at least 7 of the 14 regions.
Sarah Broomfield, energy expert at Uswitch, said: “People often use January as a prime time to detox their finances, and it means that many fixed deals taken out this time last year are about to come to an end. Anyone who does not act now by signing up to a new tariff will automatically move onto their supplier’s standard variable tariff, which could add as much as £171 to bills.”
“It’s also likely that the energy price cap will increase from April, meaning bills are likely to become more expensive. This makes it even more important that people whi are about to move onto a standard variable tariff switch suppliers now.”
“With the majority of the country spending more time at home during this national lockdown, combined with the cold weather, we will be using much more energy to keep ourselves warm. Switching suppliers is simple, and can take as little as 10 minutes. If you’re struggling to work out how to check when your tariff is due to end, you can use our online guide to point you in the right direction.”
*Cheapest deal available through Uswitch on 19/01/21: E.ON Fix Online Exclusive v59. Average cost £950.16 based on the average bill size for a dual fuel customer consuming medium energy usage as defined by Ofgem (2,900 kWh of electricity and 12,000 kWh of gas per year), paying by direct debit, with paperless billing. Prices averaged across all regions.