Energy Price Cap Increase

In April the price cap on energy prices will increase by 6.4% which means that if you were paying £100 per month for your gas and electricity  you will now be paying £106.40 per month.

With many households struggling to pay for their energy this price increase will make matters even harder.

If you are looking to fix your energy cost before April and are currently on a Standard Variable Tariff these are the things you should consider:

• Unit Costs – the price of each unit of energy per Kilowatt Hour
• Standing Charge – the daily charge for supplying your energy
• Exit Fees – These can be charged per fuel if you enter into a fixed term contract and decide to leave the energy provider before the end of the term.
• Length of contract – this can vary and you should think about whether you will be happy paying the costs of the tariff for the term of the contract.

You will always have a cooling off period if you switch and then change your mind.

All fixed term tariff options will be more expensive come April so if you are considering fixing your energy prices, now is the time to act. Remember, if you are currently in a fixed term contract that ends after April you can switch to a longer fixed tariff with your energy company and they may not charge any exit fees so it is worth checking with you provider if ther is a fixed tariff that suits your needs.

Fixing now could save you pounds!!