Energy Bills Will Soar By £139 This October – Switching Supplier Now Could Save You Hundreds!

Money Tips Daily by Charles Kelly, former IFA and author of

Higher energy prices will hit millions of people across the UK in October, just when the cold weather starts, and the country moves into winter.

The energy regulator, Ofgem, said the price cap for default domestic energy deals would be raised to cover suppliers' extra wholesale costs.

Your typical gas and electricity bill could go up by £139 to £1,277 a year.

Prepayment customers will see an increase of £153, from £1,156 to £1309, the regulator said.

There has never been a more urgent time to review your tariff and consider switching to a cheaper supplier.

Switching is simple using one of the many comparison sites or making a few phone calls. Just Google ‘switch energy supplier’. One comparison site said you can save £268 by switching today. I have not verified this statement, but I have saved similar amounts by shopping around.

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You can also save by calling you current supplier and asking them to put you on a cheaper tariff.

The worst tariff is usually the ‘standard’ one and people with prepay metres – usually the lowest paid - are paying the most for their energy.

HMO landlords who include bills in the rent should definitely shop around for the best deals, as tenants, like children, are not too fussed about turning off lights!

The energy price hike reflects rising costs of commodities across the globe.

Yesterday, the Governor of the Bank of England described price rise surge as “temporary”, as the Monetary Policy Committee (MPC) unanimously voted to hold base interest rates at the record low 0.1%.

Andrew Bailey did warn that if inflation continued to rise that the central bank would have to take “action”, which translates as higher interest rates.

The Bank warned inflation will hit 4% this year, higher than previously forecast and double its 2% target rate.

We have witnessed higher prices in the shops here and in America. The Consumer Prices Index hit its highest for almost three years in June, at 2.5%, as food and energy costs rose.

This could be a long cold winter for millions of people, so you had better prepare yourself.

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