Utilities
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In 2008, millions of UK residents fixed their energy prices in anticipating huge price rises. Whether your price plan is due to end soon, or you're just not sure that you're still getting the best deal you should find out what your options are.
How do I find out when my fixed plan ends?
It's important to know when your fixed price plan ends so that you can take action to avoid a sudden increase to your gas and electricity bills. However, you can incur heavy penalty fees if you switch out of your contract too early!
A switch will usually take a minimum of 6 weeks to process, so you should be safe if you switch within the last 6 weeks of your fixed contract - however if you're unsure, contact your supplier for clarification.
What should I do when my fixed price plan ends?
When your fixed plan is about to end, the first thing to do is find out which plan your supplier will be moving you to. More often than not this will be your supplier's 'Standard' plan, although some suppliers may offer you the chance to fix your prices again.
Standard energy plans are often the most expensive in the market and there are usually cheaper plans available. If you're offered the chance to fix your prices again, you may wish to take it if you are willing to pay above-averages prices for security against potential price rises.
Once your supplier has given you the details of the plan you'll be moved to:
- compare all available energy plans online
- find out how your new plan compares to other available deals
- If you find that you could be saving money with another supplier, you may want to consider switching your gas and electricity.
What if I fixed my prices after August 2008?
Households who capped prices after August 2008, you may find that their fixed price plan is no longer competitive when compared with the cheapest plans currently available.
If your fixed plan still has a long time left on the contract, it may be worth running a comparison and seeing if you could save money anyway - even after the exit penalty has been applied. But remember, you will lose the security of having a fixed price plan, so make sure you consider all the options before switching.
What type of plan should I switch to?
If you're considering switching your gas and electricity, the cheapest plans available right now are 'online plans' available from various suppliers. Advantages of these plans include:
- Cheaper rates offered due to lower administration costs for the suppliers
- Extra discounts offered
- Account can be easily managed online, while some plans offer paper billing if you prefer
- Meter readings can often be submitted online for more accurate billing
If you are apprehensive about managing your account online - some suppliers offer you the option of signing up for the plan online and receiving paper bills as normal.
Compare gas and electricity plans online today and find out which plan is cheapest for you.
