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‘Regular switches’ needed to save on energy bills

17 July 2013

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Practices should switch energy suppliers regularly to limit the impact of energy hikes which have been predicted over the next ten years. 

Energy company npower said that British customers will pay £240 more for their annual energy bills within seven years, with average bills rising from £1,247 to £1,487 per year by 2020. 

Official forecasts have been too optimistic about the cost of switching to green technology, which could add £82 to the average bill by the end of the decade. 

Julian Morgan, managing director of the Energy Advice Line said that customers do not need to stay loyal to one company. 

He said: “Sadly, under 20% of energy consumers switch suppliers regularly, which means that the vast majority are probably missing out on significant savings. 

“It is universally acknowledged, including by the government and Ofgem, that energy customers save money by regularly seeking out the best deals.” 

He said that in light of the predicted size of the energy price rises it was also worth considering locking into longer-term energy deals.

“Consumers need to think carefully about the best deals to sign up for,” Morgan said. “Short-term agreements of 12 months, for example, are likely to be cheaper than longer term deals.

“However, by the time that 12-month deal expires, it is likely that energy prices will have risen considerably. Paying a premium for a longer-term deal could actually save you money over the course of two or three years if prices rise in the way that’s forecast.”