Sanctuary from price hikes ends for npower Go Fix 8 customers
npower Go Fix 8 customers could see their bills jump by £160 when the plan ends this coming Sunday (3th February)
Since the plan launched in September 2011, customers have made savings of £261 compared to those on the average big six standard plan
Go Fix 8 customers have been protected from a full round of price hikes since September 2011 which had taken the average household energy bill from £1,250 to £1,352 a year.
From Sunday (3rd February) many npower customers could be in for a bill shock when they lose the protection of a fixed price plan that has kept their household energy prices frozen for up to 16 months, according to Uswitch.com, the independent price comparison and switching service.
The plan, Go Fix 8, has allowed customers to enjoy competitive rates since September 2011, after locking in at £1,087 a year. At the time, npower’s standard cash and cheque price was £1,149 a year. Today npower’s standard cash and cheque price is £1,352 a year, meaning that Go Fix 8 customers are paying £265 a year less than other npower customers.
And the savings don’t just stop there – the plan has also fared very well against the average price for a big six standard plan, offering a £261 saving over the 16 months. The fixed price deal has effectively given Go Fix 8 customers sanctuary against a full round of price hikes since September 2011 but this protection will now be lost. Moreover, the plan customers could be rolled on to could bump up their bill by £160 to £1,247 a year.
npower’s cheapest deal today is its Energy Online August 2014 plan, costing £1,184 a year. If Go Fix 8 customers moved to it they would see their bills increase by £97 a year. However the cheapest deal on the market today, SSE’s Discount Energy Bonus April 2015 (with paperless billing) costs £1,134 a year, an increase of only £47 a year.
Matthew Whitaker, energy expert at Uswitch.com, says: “Come Sunday, npower Go Fix 8 customers will discover that all good things really do come to an end when their protection from price hikes draws to a close. Since its launch, customers on this fixed price plan have witnessed price rises come and go without seeing any increases on their own plan. However, if they don’t take action now these increases could catch up with them, with £160 potentially added to their bills.
“This blow could be softened if Go Fix 8 customers shop around for the best available deal today. But, having enjoyed the protection of a fixed price plan for the last 16 months these customers might want to fix their prices again. The cheapest fixed price deal on the market today, First Utility’s iSave Fixed V6 April 2014, costs £1,170 a year. This would mean an £83 price hike, but this is less than if they stayed on npower’s rollover plan, which would see their bills shoot up by £160.
“Go Fix 8 has really worked well for npower’s customers. But the important lesson to learn is that good deals come and go which is why it pays to remain engaged with the energy market and to take advantage of the savings on offer.”
FOR MORE INFORMATION
Alexa Wheeler
Phone: 0207 1484 661
Email: alexa.wheeler@uswitch.com
Twitter: @uswitchPR
Notes to editors
npower Go Fix 8 comes to an end on Sunday 3rd February. Bill size based on a medium user customer using 3,300 kWh of electricity and 16,500 kWh of gas, paying monthly by direct debit with bill sizes averaged across all regions. The average annual bill for Go Fix 8 is £1,087. The plan customers could be rolled onto on the 3rd February is Go Save S which costs £1,247 a year.
Calculated as the difference between Go Fix 8 and the average standard plan (across all ‘Big Six’ suppliers) between 26th September 2011 and 3rd February 2013, taking into account all prices rises in this time period. Estimate based upon a medium user customer using 3,300 kWh of electricity and 16,500 kWh of gas, with bill sizes averaged across all regions, paying by Monthly Direct Debit on Go Fix 8 versus paying quarterly by cash or cheque on the average standard plan.
Based on a medium user customer using 3,300 kWh of electricity and 16,500 kWh of gas, paying quarterly by cash or cheque with bill sizes averaged across all regions and the big six suppliers.
Based on a medium user npower customer using 3,300 kWh of electricity and 16,500 kWh of gas, with bill sizes averaged across all regions paying by cash and cheque.
Based on a medium user using 3,300 kWh of electricity and 16,500 kWh of gas, with bill sizes averaged across all regions paying monthly by direct debit.
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