Global energy prices have risen so much recently people are now using any means possible to lower the burden of whopping energy bills.
Households across the world are starting to notice the effect of recent energy price rises on monthly budgets. In some countries, industry figures have shown that wholesale gas prices have increased by more than 70 per cent in 2008 alone.
Although energy costs have risen dramatically, these staggering price hikes have created a highly competitive energy market. Energy suppliers are now desperate to maintain existing customers and tempt new ones away from their competitors to maintain profits.
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This buyers market means that many homes can save money simply by comparing which energy prices are best and changing suppliers. The process can be done by telephone or online and there are now plenty of websites to compare suppliers.
Are you paying too much for gas and electricity?
Research into prices charged by different gas and electricity suppliers shows some amazing results. The difference between the cheapest and most expensive gas and electricity supplier in some areas can be enormous. Therefore, it is definitely worth finding the which energy suppliers offer the best deal. By making a phone call or making the changes online it is possible to switch supplier very easily. When switching electricity and gas supplies remain uninterrupted and there is no physical change in the energy supply.
Current estimates indicate changing energy suppliers could reward customers with savings of around £200 to £400 a year. Often when one energy company raises prices the other follow suite. Therefore, it is worth waiting until the latest round of energy price rises has taken place before making any decisions on which energy suppliers to change to. Changing too early could result in moving to a deal that is not the best.
It is simple to compare energy suppliers online and switching is easier than ever. But like any consumer purchase, there are a few guidelines to follow before signing on the dotted line. Ask yourself these questions when comparing energy companies:
- Are there any hidden charges?
- Do the prices quoted include VAT?
- Are you eligible for any special offers, incentives or discounts?
- What is the supplier's complaints record?
Changing the method in which you pay your energy bill can also save you money. If you pay your energy bills by check you could save $100 to $150 per year if you switch to direct debit payment. Switching to an online account can save you even more money.
What about capped energy prices? Which energy suppliers offer them?
Due to rising energy prices and increased competition suppliers have been forced to offer alternative energy tariffs. Some of the latest deals are capped so that your energy bills are fixed maybe for up to four years.
Although these tariffs are higher than standard prices they do offer an alternative to switching supplier every time prices rise. With energy shortages likely to continue and further increases expected, capped tariff deals can offer longer term peace of mind.
About the Author:
Ed W, Energy Saving Expert