It’s important to always keep up to date meter readings. This will ensure that you pay the correct amount each month. If you don’t have an up-to-date meter reading, your energy supplier will create an estimate on how much energy you’re using. This can have a significant impact on how much you end up paying. Consider integrating a smart meter into your home, which gives you full control over how much energy you are using.

There are two main types of tariffs to consider in the UK energy market, these are fixed tariffs and variable tariffs. Understanding the different tariffs and making an informed decision about which one is most suitable for your household can help you save a lot of money.

A fixed tariff simply means that your unit price for gas and electricity is fixed, this means that it will not change for the duration of your plan. For instance, you might have a 12-month contract with a supplier, and you may pay £50.00 per month. On this fixed tariff, the price will not change for the full duration of the agreement. Keep in mind that once you are on a fixed tariff, you will have to pay a fee to exit early.

On the other hand, a variable tariff means that your unit price for gas and electricity is variable, meaning that your costs can vary at the discretion of the supplier. This means that depending on wholesale energy prices, your monthly bill can go up or down, depending on market conditions. This may seem like a disadvantage, but the upside to having a variable tariff is that you can usually leave your agreement if you find a better deal elsewhere without paying an exit fee.

Currently, the price of wholesale energy is very high, and as a result a lot of smaller, more competitive energy suppliers have unfortunately gone out of business. This means that many suppliers are not currently offering fixed tariffs, instead they are sticking to variable tariffs to make sure they can stay in business. As a result, this means that shopping around for the best deal is not necessarily a good option now. You may consider sticking to the supplier that you are with currently until the market stabilises, as it’s unlikely that you will find a better deal right now.

It’s important to note that there is support available if you are unable to make ends meet, especially for energy bills. We all need heating, especially during the winter, and of course we need electricity to keep our lives moving. If you find yourself struggling, it’s worth contacting the Citizens Advice Bureau, who have a dedicated portal for energy supply and can answer many frequently asked questions on the subject.