New Year’s resolution: Save money on the cost of power
ENERGY experts are advising consumers that the New Year is the perfect time to obtain a cheaper gas and electricity deal. For the first time, all top ten best-buy tariffs are fixed deals, rather than variable – and priced below £1,000 a year for average energy users.
Average assumes 13,500 kWh of gas usage and 3,200 kWh of electricity. The true cost will depend on postcode and how much energy a household uses. Supplier Co-operative Energy has taken top best-buy spot with the launch of its Fair and Square dual-fuel tariff.
Prices are fixed until the end of March 2016. Early exit penalties apply – £30 per fuel type – and the account is for customers who are prepared to receive bills online, provide their own meter readings and communicate via email.
Average energy users should expect to pay around £938 a year – nearly £250 cheaper than the average standard tariff paid by monthly direct debit, according to Money SuperMarket. Competitive rival tariffs include three from Extra Energy, and one each from First Utility, Ovo Energy and Green Star Energy.
Someone moving from a standard tariff with one of the Big Six suppliers – npower, ScottishPower, EDF, E.ON, British Gas and SSE – could save £249 a year if they already pay by direct debit, or £328 if payment is made on bill receipt. Joe Malinowski, founder of comparison website TheEnergyShop, says: ‘To make a saving of £250 for five minutes’ effort is a great way to start the New Year.’