Change your energy supplier today

By far the simplest method of saving cash on your household fuel bills, aside from reducing your fuel usage, is to switch to a cheaper supplier.However, there is a little more to it than merely switching to whoever is offering the best deal at the time, as the energy market is very complicated and companies that can offer cheaper energy in the short term might work out to be much more costly in the medium to long term.

In January 2009, Britain’s largest energy supplier, British Gas, cut their customers gas bills by ten percent, and since then four other leading suppliers have followed suit. You might think that now would be the best time to change your supplier, but if prices fall again, as many predict that they will, then it might be better to play a waiting game.
The price of energy is largely determined by fluctuations in the price of fossil fuels such as crude oil and coal, which are influenced by factors such as fuel shortages, wars, and political tussles between countries which produce, transport, or consume large amounts of fossil fuels.Wholesale energy prices have fallen sharply in the wake of the global economic downturn, and this has caused many customers and consumer groups to put pressure on energy suppliers to pass these savings onto the public.

All of the major UK suppliers have now reduced their prices, but there have been rumours that they may cut them even further later on in the year.
Due to the fact that energy suppliers tend to change their prices around the same time, and that there is no way of predicting the extent or timing of these price changes, all you can do is wait and see. If you switch too soon in order to take advantage of a current offer, you could miss out on an even cheaper deal further down the line, or get stuck with a fixed price plan that costs money to get out of. One way in which you can at least get a bit more of an idea of the direction energy prices are likely to go is to familiarise yourself with, and stay abreast of developments in the energy markets by looking online or reading financial publications.

One way in which you can reduce the size of your bills is to sign up for an online billing service, such as British Gas’ Websaver 3 tariff, and pay by direct debit. This reduces the processing cost to the company, a saving that they then pass on to the consumer.

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