The news broke earlier this month that British Gas are hiking up their energy prices for the second time this year. From October, their Standard, Safeguard and Safeguard PAYG tariff prices will be increasing for both Credit and Pay as you go customers. 3.5 million duel fuel consumers will be affected by the 3.8% price increase.
Increases are being blamed on the price of wholesale energy which has risen by 20% since April 2018.
Standard Variable Tariff customers are feeling the pinch, with their default rate, which comes at the end of their contract, generally costing much more than a fixed tariff. It’s the equivalent to business out of contract rates and is a costly position to end up in.
The continuing rising trend in energy costs is concerning for private and business consumers alike. The only way to truly combat this is to be smart about your consumption and understand where and how you can save money to counteract these unavoidable increases. Getting ahead of the game and planning your next move before an energy contract ends is absolutely essential to ensure you don’t end up paying an exceptionally high rate.
There are two key ways to mitigate rising costs:
- Understanding the market is key to deciding how long you are locked into a contract for and as this affects your unit rate, it’s essential to get this right. We have an in-depth knowledge of the market and its trends and can help you navigate this – you don’t need to be nearing the end of your contract to look at your options.
- Reducing your consumption during your contract and staying on top of what you are using and where you can save. We have multiple ways to help you do this including Real Time Online, our wireless energy monitoring tool that gives you an overview of all of your consumption and actionable insight as to where you can change and save.
Our energy experts are just a phone call away and are ready to help you understand the ever-changing markets, how they impact you and how you can successfully combat the continuing price rises.
Get in touch with one of our energy experts to discuss how we can help you on 0330 058 3405 or email email@example.com.