Households Warned of Price Hikes, Encouraged to Switch for Savings and Sustainable Energy

A significant number of households are facing a potential increase in their energy bills. Over 400,000 homes are set to see their fixed energy tariffs expire at the end of May. This means they could be automatically moved onto more expensive standard variable tariffs if they don't take action.

These standard variable tariffs are linked to the Ofgem energy price cap, which has recently increased. This rise brings the average annual energy bill for a typical household to a considerable amount. Those who had secured fixed deals last year could experience substantial price increases if they revert to the price cap rate.

However, there's a potential solution. Experts suggest that switching to a new fixed tariff could lead to significant savings compared to current standard rates. Some providers are offering fixed deals at prices below the price cap to attract new customers. Homeowners are encouraged to compare available fixed deals in their area.

don't delay. Waiting until the fixed deal expires and being moved to a standard variable tariff could result in hundreds of pounds in extra costs annually.

The recent surge in fixed deals was a result of stabilized wholesale energy prices. Many consumers took advantage of these deals, which are now reaching their expiration dates.

Furthermore, it's an opportune moment to consider switching to a greener energy provider. Many competitive deals now include electricity from renewable sources, offering both financial and environmental benefits. The switching process is straightforward, with many suppliers managing the transition.