Thirteen cheap fixed energy tariffs about to end

Commenting on the thirteen tariffs expiring between 31st August and 31st October, Stephen Murray, energy expert at MoneySuperMarket said: “Savvy switchers who are on last year’s cheapest deals need to act now to save again as they face paying up to £205 more than they need to for their energy. 

“With the threat of price rises on their minds, many people took out the best value fixed tariffs last summer, and it certainly paid off as increases were announced during October 2013.

“In August last year the cheapest tariff available was M&S Energy Fix & Save September 2014 however, bill payers who signed up to this will see their average annual bill increase by a massive £205 if they don’t switch to a better deal before the tariff’s end date of 30th September. Given the switching process still takes over six weeks to complete, people need to act now to avoid higher bills and save money again this year. By switching to the best value tariff on the market today customers could save £235.

“Furthermore, those who signed up to npower’s Online Price Fix October 2014 could see their bill increase by £153.20 if they let their deal revert to npower’s standard tariff at the end of October, but by switching to the best deal they’d save themselves £215.

“The current cheapest tariff available is Extra Energy ValuePlus Fixed and costs on average £989.57 and is fixed until September 2015, however, this does come with an exit fee of £25 per fuel if you switch to a cheaper tariff before the end date. Households would have more freedom to switch if they choose a tariff with no tie in fee such as Flow Energy Thames Online Fixed September 2015 which has an average bill of £1,010.

“Despite it still being the summer season, the colder than average August we’ve experienced might have led some households to switch their heating on early. With keeping warm in the gloomy weather front of mind people should also think about paying as little as possible for the energy they’re using. Those who make the switch for the first time can save around £174 by using MoneySuperMarket’s energy comparison tool. It takes between six to eight weeks to switch supply so if you want to get a lower priced energy deal before the autumn and winter seasons set in you need to act now to cut the cost of your energy bills.”