The energy price cap is increasing - beat the price hike
Ofgem announced back in August that the energy price cap is set to rise on the 1st of October by £139
. This means the cap will increase to £1,277 a year.
The price cap stops loyal customers from being charged extortionate traffic by large energy companies. In fact, since introduced in 2019, it’s estimated to have saved households on default tariffs an estimated £100 a year each, or over £2 billion in total on their energy bills.
As the cap is being increased once again, millions could see their energy bills rise even higher than before. Plus if you’ve been with your supplier for a while, it’s likely that you’re already overpaying for your gas and electricity.
But don’t worry, it’s not all doom
We’re here to tell you how you can keep your energy prices low and your smiles high this winter, even with the price cap increase.
Allow us to introduce you to the comparison site, MoneySuperMarket
. They’re here to make your life simple and save money on your energy bills - up to £200* to be precise. So you can put your money towards more important things in life other than bills. Like Pizza.
Using a comparison site means you can compare deals from different suppliers, all in one place. MoneySuperMarket
has over 50 household-name suppliers that you can compare between.
We know switching your energy supplier sounds like a whole lot of hassle. But it’s really not. With MoneySuperMarket
it takes 5 minutes to get a quote, all you need to do is tell them your postcode and energy usage, it really is that simple.
Once you’ve found a deal you like the look of, start your switch with your chosen supplier and they will handle everything for you. You don’t need to contact your old supplier to let them know either and your last bill will be sent to you. Your switch will be sorted within 21 days so you can sit back, relax and count your savings.
Once you’ve completed your switch, sign up for alerts with Energy Monitor and they'll keep an eye on prices, letting you know when to switch again. Another way to save yourself some pennies by doing very little!
MoneySuperMarket is constantly looking for better energy deals for you and can help you save even more than the price cap.
The cheapest tariffs in the market have been mostly £200 or cheaper than the price cap level and it’s also worth remembering that if you switch and fix, you lock in today’s price for 12 months. That means you’re protecting yourself against future price rises.
Run a quote today and lock in a cheaper deal, then think about how you’ll spend that extra cash.
Rated 9.1/10 on Reevoo and with over 13 million customers across the UK, you know you’re in safe hands with MoneySuperMarket
. Compare and save today and you’ll also earn £22 cashback
. It’s a win, win!
*Based on savings made by 30% of consumers that applied to switch via MoneySuperMarket, Aug ’20 – Jul ’21, with the estimated annual cost adjusted for the Oct ’21 Ofgem price cap. GB only.