Fixed energy deals may mean you pay more
With domestic consumption soaring because of people working from home and the schools being closed it is more important than ever to make sure you are on a good energy deal.
A survey by Ofgem has found that 75% of families with children have seen their energy usage increase, but only 35% have thought about the impact of this on their bills1.
Many people believe being on a fixed tariff protects them from paying more, but this is not the case as it is only the unit rate charged for each KWh of gas or electricity used that is fixed, so if your consumption goes up your energy bill will too.
With energy prices consistently increasing over the past 2 years many people chose a fixed deal to protect themselves from further rises, but with prices now falling people on a fixed deal may be paying over the odds for their gas and electricity.
Data gathered by South West based auto-switching service Flipper show that the best duel fuel deals available now cost just £790 a year – a full £100 less than six months ago.
Flipper Managing Director Mark Gutteridge said: “People opt for fixed tariffs to protect themselves from price rises and that was a sensible thing to do over the last couple of years.
“But since the start of 2020 we have seen prices fall, so many people can save by leaving their fixed tariff early – even if they have to pay an exit fee to get out of their current deal before the end date.”
Said Mark Gutteridge: “Many people on a fixed deal believe they can’t switch away until it ends, but that isn’t the case at all. The only thing that may happen is your supplier adding an ‘exit fee’ to your final bill, but when you can save more than this fee by switching, we advise our members to get onto the better deal ASAP.”
For anyone concerned about switching energy suppliers during lockdown there is no risk of being cut off and no one will need to enter your home to change any equipment. All that is required is that the householder takes a meter reading themselves and provides this to the new supplier.
Flipper checks the market for its members every month and switches them every time it finds them a deal which will save at least £50/yr. It is simple and free to join online with members paying an annual fee of £30 once the first switch begins.
Unlike other auto-switching or comparison sites, Flipper is 100% independent and takes no commission or referral fees, so it can “flip” its members to any energy provider based on price, customer service and value for money.
For more information go to www.flipper.community
