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Posted on June 26, 2009 by Sam Gooch | Posted under Personal Finance
How to keep your energy bills down
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After oil prices reached a record high of $147 a barrel in July, prices have dropped to around $63 a barrel, while gas prices fell by 19%. This winter has been predicted to be a cold one, so consumers and industry watchdogs are urging price cuts to be put into place now. Energy Secretary Ed Miliband has said that he would take action by legislating to force firms to offer more reasonable prices, especially to the poorest customers such as those on prepayment meters. The gas and electricity firms have reacted by saying that the reason for the fall in oil prices is due to fears over consumption levels in the current economic state, so prices are likely to rise in line with demand. Growing concerns come over the suppliers – Russia, Qatar and Iran, who own 60% of the planets gas reserves and could increase prices. Another reason for the continued high prices inflicted on consumers is that energy firms tend to buy in advance, so the energy we will be using throughout the winter is likely to have been bought at a time when prices were higher. This means that the lower wholesale prices we are currently seeing may not be passed onto consumers until next year. With high energy prices set to continue over the coming winter months, we have devised some tips that can help you to keep your bills as low as possible. Trawl the market for the best deal Despite the current high energy prices there is still competition in the market and you may be able to switch to a provider offering a better deal. You could save up to £349 a year when you switch your gas and electricity. Switching both your electricity and gas to one supplier can increase your savings and reduces your administration as you only have one bill to pay. The Which4u comparison website has a utility bills comparison tool that allows you to enter enter a few details to show you how much you could save by switching. Once we find the best deal for you its easy to switch online, helping you to make instant savings. Don't pay more than you should be An estimated £50 million a year is wasted in unnecessary charges in the UK with households paying their bills based on estimates. You must make sure you take regular gas and electricity meter readings to avoid paying more than you should be. If you do receive an estimate that seems higher than you expected, contact your supplier as you may be able to significantly reduce your bill. If you find you have missed the call from the meter reader you can always take the reading yourself and pass it onto your energy provider by phone or on the internet. Find out if you are eligible for benefits If you live in a fuel-poor household you may find you are entitled to a rebate. For example, people over the age of 60 may be entitled to a Winter Fuel Payment of £250 or more. This is usually paid automatically if you have a state pension. You may also qualify for a social tariff, available from all six major energy providers - British Gas, Npower, E.ON, EDF Energy, Scottish Power and Scottish & Southern, with discounts of up to £300 a year. No eligibility criteria has been set, so if you're disabled, elderly, have a family with small children or receive income support it is worth contacting your provider to ask. The Warm Front Scheme The Warm Front Scheme is a government funded project designed to help cover the cost of insulation for roofs and walls, and general techniques to keep your home warmer. This could save you a significant amount on your energy bills each year. Those over 60, on income support, receiving council tax benefit, housing benefit, pension credit, jobseeker's allowance, or householders with a child under 16 should apply. About The Author: UK Price Comparison website Which4U - Compare Credit Cards, Savings Accounts, Fixed Rate Bonds, Bank Accounts, ISAs, Loans, Mortgages, Insurance, TV & Broadband and Gas/Electric bills to find the best UK deals |
Tags: FIXED RATE BONDS, ISAS, ISA, FIXED TERM BONDS
