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Following the decision to raise the energy price cap, gas and electricity bills may rise to £2,000 annually by April. According to the industry regulator Ofgem, families should get ready for a whopping 56 percent hike on their current energy bills in three months’ time.
With these warnings being issued, savers are searching for the best ways to cut their energy costs ahead of the oncoming bill rises.
Speaking exclusively to Express.co.uk, Nick Drewe, a money saving expert at discount website platform WeThrift, shared how households can save money ahead of the pending energy bill hike.
The financial expert noted that families should make a concerted effort to examine and research their energy bills in order to determine whether they have a good deal in place.
Mr Drewe said: “Keep checking your bills regularly. Whilst some energy suppliers have been known to either make changes to tariffs or make mistakes when charging customers, it’s always a good idea to check your regular household bills.
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“With winter approaching, those who continue to work from home or have flexible conditions may opt to stay at home, therefore bills for water, energy and mobile data are likely to increase.
“Always research before choosing a supplier, many bill payers may instinctively choose an energy supplier they are familiar with, but this may not always be the most cost-effective option.
“Really delve into a wide range of energy suppliers available and compare their prices.
“Also note, if you are looking to switch energy suppliers, be sure to analyse each company’s exit fees, and opt for one that won’t charge the earth if you want to leave.”
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“Knowing this information will make it easier when comparing energy deals if you are planning to switch to a cheaper one, or help you monitor your current energy consumption.”
Furthermore, Mr Drewe cited the availability of benefits support and tax reductions which can help many Britons in cutting their energy bills dramatically.
He explained: “If you currently live alone, there are ways to cut the cost of living that you may not have realised.
“If you didn’t already know, living alone allows you to take advantage of a 25 percent discount on your council tax bill, saving you hundreds of pounds a year, making a particular difference when prices go up.
“It’s also worth checking any benefits you may be entitled to, often based not only on your individual wage, but on total household income.
“Those who live alone can be eligible for financial assistance you’re not receiving.”
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