Save hundreds on your energy bills
The Big Six energy companies made a lot of money during our cold weather, but you can still save hundreds of pounds on your bills.
The average profits made by energy firms per household rose by 40% this winter, as the UK turned up the heat and their wholesale prices fell.
That means the Big Six – British Gas, E.ON, Scottish Power, Scottish & Southern Energy, EDF Energy and npower – are enjoying the highest profit levels in five years.
Ofgem reported the average net profit made from every dual fuel customer is £105 a year – up from £75 in November, although it’s fair to point out that these figures are disputed by the industry.
British Gas has cut bills for standard customers reducing gas prices by 7% and saving around 8million homes £56 a year. However, the other five energy giants haven’t followed yet.
If you are struggling to manage your gas and electricity bills, or just want to save some cash – there’s one simple way to bring down your bills.
Consumers using a standard dual fuel tariff are wasting hundreds of pounds a year by not switching to a cheaper deal.
As of now, customers paying quarterly for their provider’s standard tariff are billed an average of £1,2253.29 a year.
Yet the average bill for an online tariff, paid for monthly, is just £920.27 a year – that’s £305.02 less, almost 25% cheaper.
Right now the cheapest provider is British Gas. Its WebSaver 6 product has an average bill of just £899.04, but the best deal for you depends on how much energy you use and your region.
One great way to cut your energy bills and help the planet is to use less energy in your home.
No one should have to be worried about turning on the heating when it’s cold, but simple habit changes can save money.