Are Utilities Prices Really Coming Down?

Energy prices are, at long (long) last, starting to come down. In the least few years, as the cost of raw materials like oil surged, homeowners’ energy bills went through the roof. British Gas for example increased prices by around 46% over the last twelve months.

However, as wholesale prices have fallen, energy suppliers have been slow to cut their prices accordingly.

Thankfully, signs are that these rates are finally starting to fall. British Gas announced a 10% cut recently with other providers likely to follow suit. The move will certainly not be welcomed by the nearly four million customers who signed up to their fixed rate deal fearing prices would continue to rise.

So what’s the best advice for consumers?

1. Do shop around: Internet comparison sites make it easy to compare the various deals available from suppliers based on your own usage.
2. Take advantage of discounts for direct debit: If you can pay be direct debit do, you’ll almost always save money when compared to paying by bill.
3. Check out online discounts too: Some suppliers offer big discounts for managing your bills and account online – British Gas gives a guaranteed 10% off their current rate.
4. Combining gas and electric can sometimes save you money: Getting both your gas and electric from one supplier is often a good way to avail of extra discounts – but not always. Do your homework.
5. Check your existing deal: Funnily enough, your current supplier might not always put you on their best rate automatically. If you’re not sure, get in touch with them – they won’t want to lose you as a customer.

Tagged as: british gas, utilities, utility prices