Act NOW to avoid big energy bills later this year
Energy bills could rise by up to £100 next year after British Gas hinted that it may be increasing its prices – and the other energy giants are likely to follow suit.
So how can you prepare for the hikes?
1. FIX YOUR BILLS
While any news of potential price hikes isn't great, at least British Gas is giving us plenty of warning.
So you've got time to shop around and switch to the cheapest fixed-rate deal before the prices rises start. Most fixed-rate deals last for 18 months so fix now and you'll be shielded from the rises this winter. Just be aware that you'll pay a premium for fixing.
2. SHOP AROUND
Even if you don't want to fix your bill, it's still worth shopping around for a better deal. If you haven't switched your deal for the past 12 months the chances are you could get a cheaper one elsewhere.
Use one of the comparison sites to see what kind of price you can get – for example, energyhelpline.com/moneywise can help you compare the best quotes on the market.
Once you've found the best deal for you, you can also go back to your current provider and see if it can match it.
3. WINTERPROOF YOUR HOME
The best, and most longterm, cost-saving measure you can take is to properly insulate your home.
Cavity wall insulation could save you up to £135 a year, according to the Energy Saving Trust.
On average, it costs around £350 to insulate a family home but the good news if you are intending to insulate your home is that you may not have to pay for it. There are many subsidised offers on the market as energy companies had to set aside a sum of money to help customers insulate their homes.
Contact your energy supplier to find out if it has any money available to help you winterproof your home.