Energy Price Rise: How To Save Money

Gas and Electricity pricesIt has now been announced by British Gas, Scottish Power, SSE and Npower that energy prices will rise and other companies are due to follow.

Prices from all the major energy companies are expected to increase by 2013 which will have a major impact on many families who are struggling financially.

Energy Price Rises

Energy CompaniesGasElectricity Date of Rise
SSE9%9%15th Oct
Npower9%9%26th Nov
Scottish Power7%7%3rd Dec
British Gas6%6%16th Nov

Save Money On Energy Bills

It may be bold to claim that it is possible to save money when there is energy prices increasing, oil prices rising and not to mention a recession all happening.

No matter how bold it may be we are saying that it is possible to save money despite all these factor and it’s all about being with the correct energy provider.

Energy CompanyAverage Cost Per Year
First Utility - iSave Fixed v4£1,087
Scottish Power Fixed Online£1139.98

Scottish Power or First Utility

For some people the Scottish Power fixed rate may actually be more expensive than what they are currently paying due to price rises since their previous change.

However the First Utility option boasts an average annual saving of £223 and is a fixed rate deal until March 2014 which will mean even bigger savings.

Capping the current unit price with First Utility will not only save you money on current prices but when all the prices rise it will be even more of a saving.

However the one negative with First Utility is the exit charge of £30 per fuel which would mean £60 for leaving both their gas and electricity deal before March 2014.

Scottish Power are more expensive but will not charge for leaving before March 2014 so the question is about where the market will be in over a year.

Fix or not to Fix

Oil prices are unlikely to come down in a years time unless some new reserves are found, government schemes are ended or some other strange event takes place.

Therefore i will personally be taking my chance with fixing my energy prices until March 2014 without worrying about changing during that time.

So long as energy price do not go lower than they are when i sign up then i will have saved money and that if what First Utility are offering.

So for me First Utility offer the best deal as it won’t matter that there is a leaving charged if prices keep rising i won’t be leaving them for anyone else.

 

Check out the cheapest deals in our Gas & Electricity forum.

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