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Households could save up to £234 a year by switching energy providers as the price cap increases today, new research indicates.  Customers on expensive default tariffs are encouraged to shop around as the Ofgem cap rises from £1,042 to £1,138 for an estimated 11million people. The £96 hike, announced in February, only affects those on prepayment meters or standard variable deals, meaning those who switch to fixed options could save hundreds each year. There are currently 62 fixed deals on the market cheaper than the new energy price cap, according to data from Uswitch. Households have be...

Ofgem, the energy regulator, recently announced the default energy price cap will change from its current level of £1,042 to £1,138. The increase of £96 includes an additional £23.69 energy suppliers can charge a year to help them cover for coronavirus-related costs. Separate research from Compare the Market's financial confidence tracker shows annual energy costs would only have to rise by an average of £85 in order to tip households with children at home into financial difficulty. Peter Earl, head of energy at Compare the Market, said: 'Households that do not switch when their fixed ta...

More than a quarter of a million households face soaring energy bills if they do not switch tariff soon, new research has revealed. Some 167 fixed tariffs end this month which will see customers automatically  switched onto more expensive 'default' deals if they do not switch tariff or provider when their plan comes to an end. The average increase to energy bills is £67 per household with the average annual cost of a fixed rate energy tariff ending in February coming in at £918, according to Compare the Market. If customers do not switch when their fixed tariff ends, energy companies are s...

One New Year's resolution some people will have in 2021 is to be become more environmentally friendly. While this will no doubt include recycling more and using tote bags instead of plastic alternatives, consumers can also make a huge difference to the planet by going green with their money, according to consumer group Which?  How you spend your cash and where you keep it often has a direct impact on the environment whether you're paying your monthly bills or paying into your pension. There are a number of steps consumers can follow to be more green with their money in 2021 This could be due...

Last modified on Mon 28 Dec 2020 03.32 EST Two days after switching energy supplier from Utility Point, I received an email from the ­company informing me that my account was in credit by £377.62, which would be refunded within 10 working days. Six weeks on, I have still not received it. Online reviews suggest that, like myself, many people were attracted to cheap deals, but then found direct debits were soon increased and are still waiting for overpayments to be returned. IBH, Sheffield Something appears seriously awry with this new entrant in the energy market. The Dorset-based company b...