Half a million UK homes face £114 energy bill hike
Half a million households will be hit with a £114 rise in energy bills if they do not switch provider over the next three months.
New research by price comparison website comparethemarket.com shows that there are 213 fixed energy tariffs ending this year.
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If customers do not switch deal or provider, they will be automatically moved onto more expensive default tariffs.
The combined cost to UK households could be over £57m compared to current energy costs.
Those homes whose tariffs end in October face the biggest average increase of £148.
In December alone 222,000 households might be affected, with a total cost of £23m.
Peter Earl, head of energy at comparethemarket.com, said:
“As with many personal finance and essential service products, such as insurance, in energy, loyalty rarely pays. Despite the Government’s introduction of a price cap on default tariffs, the best way to save money on your energy is still switching tariffs or providers when your current tariff comes to an end.
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“Even in the face of, or perhaps because of, the price cap, energy bosses are relying on consumers not acting when their tariff comes to an end.”