Consumers are set to lose over £60 million in the next year to energy companies if they roll over on to a standard tariff, as 25 fixed price tariffs come to an end in September.
comparethemarket.com’s data shows that 25 fixed-price tariffs have come to an end in September, creating an average annual increase of £120 per consumer. This increase is estimated to affect around 470,000 people nationwide.
Moreover, there are a further 25 tariffs coming to an end in October and November, with comparethemarket.com calculating that those people who automatically roll over onto standard tariffs over the course of September, October and November could stand to lose over £157 million on their energy bills over the following year.
Out of 25 tariffs that ended in September, 20 were with providers who sit outside of the ‘Big Six’ and the data revealed that these tariffs had a far more dramatic increase compared to their larger peers. The average increase in annual cost for the ‘Big Six’ providers was 1.21% when moved onto a standard tariff, whereas the annual increase in tariffs belonging to smaller providers was, on average, an astonishing 16.07%.
Commenting on the data, James Padmore, Head of Energy, comparethemarket.com, said, “This data reveals the inherent financial peril that consumers may face if they don’t keep a close eye on their finances. If you fail to switch tariffs in the coming year, you could be paying far more than necessary.
“Our research earlier this year also found that nearly a third of consumers are shocked when they open their energy bill. If people do not shop around and simply roll onto standard tariffs, that nasty surprise may affect an even greater number in the coming year.”
Consumers have various options when looking for the best deal, including comparethemarket.com’s app Snapt, which allows customers to scan the QR code on their bill and immediately see what they can save. For more information on Snapt click here.
Or switch to Good Energy
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