Household energy bills to rise

george4064

Just read this: https://www.theguardian.com/money/2020/may/04/uk-household-energy-bills-to-soar-by-32-per-month

Is there any merit in this article? If this prediction comes true I would've thought it would be a good time to switch to a fixed term deal (I'm currently on Bulb vari tarriff).

Welcome your thoughts on this, especially as I'm new to the energy switching 'game'.

JJ_Egan

Bit fake really households may use more ,

industry using a lot less .

Gerry1

Read the article again. It's not saying that the rates will rise !

And if you're with Bulb, it's not the cheapest.

george4064

Gerry1 said:

Read the article again. It's not saying that the rates will rise !

And if you're with Bulb, it's not the cheapest.

Good spot, thanks.

I realise that Bulb aren't the cheapest, but I don't think there are huge savings to be made if I switch from Bulb. However I am looking to switch and take advantage of a recommend-a-friend offer which will hopefully reduce the rate I pay and I will receive a sign up reward.

Gerry1

You'll probably find the savings from a whole of the market search (sadly, the CEC doesn't do this) will exceed any sign up reward.

A company that can afford a sign up reward won't also be able to afford to give you the lowest rates.

Don't forget to search for separate suppliers.

george4064

Gerry1 said:

You'll probably find the savings from a whole of the market search (sadly, the CEC doesn't do this) will exceed any sign up reward.

A company that can afford a sign up reward won't also be able to afford to give you the lowest rates.

Don't forget to search for separate suppliers.

Thanks for the pointers.

My thinking is that if a supplier is cheaper than Bulb and provides a recommend-a-friend offer then I'm doing something right, but appreciate your point around if a supplier can afford a sign up reward then it might not be the lowest rates available.

RE: your point around whole of market search, I wouldn't know where I could do this. From what I've seen there isn't a whole of market search engine available.

Gerry1

Start with Citizens Advice and 'Switch with Which?'

Other sites are available and may have exclusive deals and / or cashback, but they usually default to those that pay commission, and the 'whole market' option is often well hidden.

Make sure the results include Neon Reef (electricity only), Gulf, Yorkshire Energy, Avro, etc.

Biscuit_Tin

george4064 said:

Just read this: https://www.theguardian.com/money/2020/may/04/uk-household-energy-bills-to-soar-by-32-per-month

Is there any merit in this article? If this prediction comes true I would've thought it would be a good time to switch to a fixed term deal (I'm currently on Bulb vari tarriff).

Welcome your thoughts on this, especially as I'm new to the energy switching 'game'.

That article does not refer to tariffs rising, but usage rising. Fixed tariffs won't assist you if you use more.

However, if you read the MSE weekly email, you would have seen it recommends you lock in super cheap fixed energy deals, as they are the lowest prices for about 3 years, reflecting the historically low oil prices recenty. Indeed, for a short period oil prices went negative for a while in the US, meaning custoners were being paid to take it.

I suggest you consult a comparison site to find the best deal(s) for you. Bulb are unlikely to be the best offering if you have a credit meter.
 

Biscuit_Tin

george4064 said:

Gerry1 said:

Read the article again. It's not saying that the rates will rise !

And if you're with Bulb, it's not the cheapest.

Good spot, thanks.

I realise that Bulb aren't the cheapest, but I don't think there are huge savings to be made if I switch from Bulb. However I am looking to switch and take advantage of a recommend-a-friend offer which will hopefully reduce the rate I pay and I will receive a sign up reward.

As the article states:

...The price comparison site recommends consumers contact their energy provider or consider switching supplier to find a better deal.

As many as 15m UK households are on their suppliers’ least-competitive standard variable tariff, according to energy regulator Ofgem, which costs on average £362 per year more than the cheapest fixed tariffs available on the market....

You are on your supplier's standard variable tariff. So if you already think there's not much of a saving to be had by switching, then I'd say the merit in the article, at least as far as you are concerned, is at best limited.

Biscuit_Tin

george4064 said:

...RE: your point around whole of market search, I wouldn't know where I could do this. From what I've seen there isn't a whole of market search engine available.

I suggest you start here, when you've time between checking on your stocks & shares investments.
https://www.moneysavingexpert.com/utilities/you-switch-gas-electricity/

Good luck!

Lemonjuiced

https://www.theguardian.com/money/2020/may/04/uk-household-energy-bills-to-soar-by-32-per-month

The above is just sensationalist reporting, energy is not going up at all and though some people will use a bit more due to homeworking, I would not expect it to be anything like that. Don't believe everything you see in a alleged newspaper.