LIGHTBULB MOMENT

Now is the ideal time to compare energy prices, says MARTIN LEWIS

IF you’re one of the 60% of people on a standard tariff, including the big six energy firms, you’re being ripped off. And that rip off is getting bigger, after huge price hike announcements, many are burning £350/year. Yet it takes just five minutes to stop it.

And right now is the moment, because with all the big six having announced their price intentions, there’s a level playing field for comparison. Take a look at the table on the opposite page. The prices I’ve put in are dual fuel deals for someone with typical use – paying by monthly direct debit and using paperless bills. Compare that to the cheapest one year fix, where the rate is guaranteed for a year (not the price you pay, that depends on how much you use). Of course if your bill is higher or lower, so is your saving.

Switching really isn’t that big a deal. It’s the same gas, same electricity, same safety, all that changes is customer service and billing. And don’t worry no engineers come to visit, and you won’t be cut off mid-switch, you are guaranteed continuous supply. HOW TO FIND YOUR BEST DEAL YOUR exact winner depends on your location and how much you use. That’s why by far the easiest thing to do is use a comparison site – where you just put in your details and it finds you your cheapest deal. It takes five minutes with my cheapenergyclub. com, and it automatically lets you see all tariffs across the market, and monitors afterwards in case a cheap deal launches. Plus as comparison sites get paid around £60 (dual fuel) if you switch via them, Cheap Energy Club gives you £30 cashback.

Alternatively use any ofgem. gov.uk approved comparison site. Beware, some will ask you something like, “Do you only want to see tariffs we can switch you to today?” This is a proxy for, “only see tariffs that pay us”. Always select to see the whole of the market.

Now let me answer a few commons switching questions… Can I switch if I’m on a prepay (key or card) meter? YES. Just do a comparison, though the savings tend not to be as large. If you’re with a big six firm you won’t be charged for switching meter, though you will usually have to pass its credit check. Full help in mse.me/ prepaidenergy I’m electricity only, what do I do? YOU can do an electricity only comparison exactly the same way as dual fuel, and the savings can still be substantial. If you’re on an Economy 7 or 10 tariff, comparing is trickier. I switched to a cheap fix, then it put my price up, have I been conned? IF you switch to a tariff with a guaranteed cheaper rate, you will save on the energy used. Yet if the firm estimated you’d use less energy than you are, the initial direct debit can rise. This feels like a price hike, but in the end as it’s a cheaper rate, you’re still better off.

Yet do get on the phone and