British Gas customers face the dreaded energy price hike from this Saturday, November 23. As of this date, gas prices will go up by an average 8.4%, with electricity prices rising by 10.4%.
Meanwhile, SSE implemented its own 8.2% increase last week. In real numbers this means that a customer on a standard SSE tariff will now be paying an additional £111 on average a year compared to their previous costs.
Three other suppliers, including most recently EDF, have also announced that they are upping their costs as we head into the colder and darker winter period.
Many savvy people will have already been shopping around for cheap fixed tariffs as the price rises were announced. However, many do find the process of switching supplier daunting even though it takes just a few minutes to begin.
For those still languishing on expensive standard tariffs, or those who have not compared suppliers in the past twelve months the only advice can be to compare now and seriously consider a fixed tariff deal to protect yourself from further increases.
There is no guarantee of anything in life. However the trend of energy supplier rises is becoming all too familiar and predictable. Most suppliers offer cheap fixed deals via the internet that not only lock in rates but also undercut the national average bill of £1,420 (source: Ofgem) by some margin as well.
So the best recommendation is still to regularly compare suppliers and grab a fixed deal when possible. With media reports suggesting that energy bills could climb as high as £2,000 a year on average within a decade, the insurance a fixed tariff could provide could be invaluable.
Here are the current cheapest fixed tariffs on the market: