Many people were shocked to see their energy bills rising by hundreds of pounds earlier this year when Ofgem confirmed the price cap increased by £693. The energy watchdog announced that an increase in global gas prices was behind the rise as utility companies moved energy costs onto the consumer.
Gas and electricity providers set their own prices, and customers are able to change if they feel they’re not getting the best deal.
Those who have seen their prices increase could benefit from checking if a better deal is available.
Ofgem recommended using a comparison website to check what deals are on the market and if money can be saved.
It has a number of websites it accredits including Money Supermarket which shows a number of different suppliers and their prices.
A check can be run by entering your address and current energy provider to see what other offers are out there.
There are plenty of other Ofgem accredited websites which can be used and offer the same information such as Energy Helpline and USwitch.
It’s important to look at all the information available from comparison websites and not just the cost of bills.
Check if the rate is fixed for a period of time and if there are any exit fees if you want to change supplier again in the future.
Ultimately, the decision of whether to switch energy suppliers depends on what type of deal is best for each household.
Customers need to compare their current offer with what is available on the market and decide if switching would work better for them.
Energy prices are going up again in October with bills rising by a further £800, according to Ofgem.
Jumps in the volatile energy market are hitting families hard and could see millions of people go into fuel poverty – not being able to keep their homes warm.
The Government promised to provide more support to households by providing payments to the most vulnerable.
These are expected to come through in summer and autumn, and help those struggling to deal with the cost of living crisis and energy bill increases.
Rishi Sunak announced the plan in May to help with the effects of inflation, which is at around nine percent right now.
People who receive means-tested benefits, people with disability benefits, and pensioners could be eligible for the payments.