Today MoneySuperMarket reveals that Friday 15th September is set to be the most expensive day this year for energy customers as 3.1 million British Gas customers are hit by a 12.5 per cent rise in their electricity prices. Expected to cost households a total of £235 million extra per year, the increase affects those on a Standard Variable Tariff (SVT).
Although today’s figures from Energy UK reveal record switching levels in 2017, approximately 70 per cent of UK households are still on expensive SVTs from the Big Six providers. The opportunity for consumers to save is substantial, and MoneySuperMarket data reveals that those who switch to a competitive tariff stand to save an average of £319 per year.
- £1151 – the average annual cost of a SVT with a Big Six provider
- £855 – the average cost of the top 20 tariffs available in the market
- £319 – the average saving available over the last eight weeks from consumers who visited MoneySuperMarket
- Over 50 suppliers in the market for consumers to choose from
Stephen Murray, energy expert at MoneySuperMarket, commented: “The British Gas price increase is the latest in a long line of blows to consumers that languish on standard variable tariffs and these customers will continue to be impacted by price increases unless they move to a competitive, fixed rate tariff. During 2017 all of the Big Six energy suppliers have increased their prices – so it’s no wonder households are getting frustrated. As we approach winter, consumers need to take matters into their own hands and switch their energy supplier immediately. Savings are huge if they do, and by switching to a competitive, fixed rate tariff households could save over £300 a year.”