According to Uswitch, households across the UK could save approximately £241 annually by making a single energy bill switch before November.
The price comparison service states that all households who opted for a 12-month fix in October 2024 are now within their ‘free to switch’ window, allowing them to change suppliers without incurring any exit fees.
Experts suggest that the average household nearing the end of their fixed deal could save around £241 per year compared to their supplier’s standard variable tariff by switching to the cheapest fix.
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Households failing to switch by the end of their deal could see their energy bill increase by up to £202 annually if they don’t take action.
Uswitch is encouraging households to compare available tariffs and utilise the ‘free to switch window’ to avoid an autumn bill shock, reports the Express.
Based on analysis by the price comparison and switching service, household energy bills are predicted to rise by £90 million by the end of October as 41 fixed deals expire.
This means affected households could see their bills increase by up to £202 as they will automatically be moved onto their supplier’s standard variable tariff if they don’t switch to a new deal before November.
Nearly 374,000 households could evade this bill hike and save around £241 by switching to a new fixed energy tariff before November.
Around 41 fixed tariffs from both major and smaller energy suppliers are due to expire by the end of October, after which customers will be automatically moved onto their provider’s standard variable rate, which are essentially determined by the price cap, making them among the costliest options available.
The most affordable tariff currently on offer for a typical household with standard energy usage is £1,514 from Outfox the Market. Customers switching to this option would save £241 annually compared to the October price cap, which is increasing to £1,755.
The lowest-priced fixed tariff available at this point last year was £1,553, meaning households coming off this arrangement onto a standard rate – costing £1,755 annually from October 1 – would immediately face an additional £202 per year.
Customers can change suppliers 49 days before their contract expires without incurring exit charges, prompting Uswitch.com to encourage consumers to determine when their ‘penalty-free switching period’ begins and move to a fixed tariff before November.
Will Owen, energy expert at Uswitch.com, said: “Households who signed up for a 12-month fix last autumn, or a 24-month deal in October 2023, should check when their switching window opens.
“Those whose tariff started around the end of October last year need to act quickly – as they can leave their current tariff up to 49 days before it ends without paying any exit fees. This is a particularly strong time for savings, with around 26 fixed deals currently available which beat the October cap and savings of around £241 on the market.
“If you’re on a standard tariff, now is the time to protect yourself from the upcoming price rise. Run a comparison to see what deals are available to you and how much you could save. Fixing your energy tariff to cheaper rates should be a no-brainer for all households who are able to do so.”
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