With energy prices going up on October 1st, one in six say they ‘can’t afford’ any more price rises

With energy prices set to increase on October 1st, as the energy price cap rises £35 to £1,755, new research from Go.Compare shows that many Brits are feeling the strain with their energy bills already - with one in six (16%) in charge of energy bills saying they can’t afford any more price rises.*

The comparison site quizzed over 2,000 people about all things energy, and found that only a third of bill payers (33%) think they are managing their energy bills okay, while 29% are worried about the cost. Additionally, one in ten of these people (10%) don’t think their current energy provider is giving them the best deal.

Although the number of energy deals on the market has increased in recent months, the survey reveals that switching is unfamiliar territory for many - with one in five people (20%) admitting they have never switched energy providers, and a further 29% saying they last switched three or more years ago**.

On 1st October, the energy price cap will rise overall by £35 to £1,755 - a 2% rise compared to the previous price cap, which sat at £1,720.*** With prices set to increase, the experts at Go.Compare energy say that for those considering switching, now could be the time to do so.

Gareth Kloet, Go.Compare energy spokesperson, explains: “The period before a new price cap comes into effect is the ideal time to assess your current energy tariff and whether it’s offering you the best deal. Our research found that nearly 3 in 10 people (29%) have been with the same energy provider for 3+ years** - and with competitive deals hitting the market regularly, this could mean many people are paying more than they need to.

“If it has been a long time since you switched energy providers, you may be questioning how to go about it - and in our research 12% of bill payers admitted they are nervous about doing so. The important thing to remember is that you need to compare all the details - including standing charges, energy rates, and the length of the contract. Also, check to see if there are any exit fees you may be liable to pay, as these could wipe out the savings you stand to make by moving to a new provider.

“Energy prices tend to oscillate - typically increasing in the winter months, and decreasing in spring or summer. If fluctuating energy prices are something you want to avoid, locking in a fixed rate energy contract before the October price cap comes into effect could be a good option. By doing so, you would be protected from any further price rises to your energy bills - just remember that your energy prices will be fixed for the duration of your contract.

“Even if you don’t intend to switch, if your energy contract is nearing renewal then it’s worth contacting your provider to see if they can get you a better deal. Having a knowledge of what else is on the market will help you negotiate a better rate, and potentially save you some money."

Outside of assessing whether your current energy tariff is working for you, Gareth provided some advice on what to do ahead of the October price cap:

“Whether you take manual meter readings or have a smart meter, it’s a good idea to take a meter reading as close as possible to when the price cap comes into effect, and send this to your energy provider. This will help make sure that any energy you use before 1st October is charged at the lower rate, before the higher price cap comes into effect.

“And whether for cost or environmental reasons, we always recommend reducing your household energy use where possible. There are lots of little day-to-day changes you can make that add up to save you money - such as batch cooking, installing homemade draught excluders, and not overfilling the kettle. For more tips and advice, visit: https://www.gocompare.com/gas-and-electricity/guide/energy-saving-tips/.”