Is your energy supplier about to hike your bill?Act now if your fixed energy deal is ending
06 January 2016
Is your fixed energy deal about to end? Act now to avoid a big price hike and you could save yourself hundreds of pounds.
Twenty-six fixed energy deals will end this month. If you're on one of them, you risk being automatically rolled over onto a more expensive tariff. Which means you'll have to pay more for energy.
The solution is easy - switch. We've worked out that, depending on which energy company you're with, you could save up to £343 by switching.
Even if you're not on a fixed deal that's about to end, you can still save. Consumers are saving an average of £297* by using our independent switching site, Which? Switch.
See how much money you can save - click to compare gas and electricity prices.
Cheapest energy deal revealed
When your fixed deal runs out, your supplier will automatically move you on to its standard variable tariff. These tend to be some of the most expensive deals around.
Suppliers have to send you a warning between 42 and 49 days before your tariff is about to end. You won’t be charged an exit fee during this time - so don't wait to switch.
An Extra Energy customer who rolled over onto the firm’s standard tariff of £1,130 after their fixed tariff ended could save £343 by switching to the cheapest deal.
The cheapest deal on the market in December was GB Energy Supply’s Premium Energy Saver at £787. Click to find out more about GB Energy.
Fixed deals ending in January
Here's the run-down of fixed energy deals ending this month, along with how much extra you'll have to pay if you do nothing:
- Npower: Online Price Fix January 2016 (paperless) £64 extra
- Co-operative Energy: Fair & Square January 2016 (paperless) £54 extra
- Extra Energy: Fresh Fixed Price Jan 2016 v1 and v5-10 (paperless) £41 to £54 extra
- Extra Energy: Bright Fixed Price Jan 2016 v1 and v6-9 (paperless) £29 to £53 extra
- Scottish Power: Online Fixed Price Energy January 2016 (paperless) £46 extra
- Extra Energy: Merry Christmas Fixed Price Jan 2016 v1-3 (paperless) £43 to £45 extra
- Extra Energy: Saverplus Collective Jan 16 v1 (paperless) £42 extra
- Sainsbury's Energy: Fixed Price January 2016 £38 extra
- Sainsbury's Energy: Price Freeze January 2016 £18 extra
There are four tariffs where you will actually be slightly better off on the standard tariff. These are listed below. But you’ll still be able to save hundreds of pounds by switching supplier.
- Scottish Power: Fixed Price Energy February 2016 Online (v2) (paperless) £3 cheaper
- Scottish Power: Fixed Price Energy February 2016 Online (paperless) £3 cheaper
- M&S Energy: M&S Energy Fix & More Jan 16 (paper and paperless) £4 to £13 cheaper
- First Utility: iSave Fixed v10 January 2016 (paperless) £20 cheaper
We've taken these figures from Energylinx on Nov 16, 2015, for a medium dual fuel user (using 3,100 kWh of electricity and 12,500 kWh of gas a year) on a standard credit meter paying by direct debit. Prices averaged across all UK regions.
Remember, there can be more to a good energy supplier than just price. We asked thousands of energy customers what they think of their suppliers to find the best and worst energy companies.
*(This figure is the average estimated annual saving for customers who applied to switch suppliers through Which? Switch between 1 May 2015 and 31 August 2015.)