Those still paying off their Christmas spending will be disappointed to find that there may be another financial challenge on the horizon. Research from Energyhelpline has revealed that 57 energy tariffs are set to end this February, which means that many people may be moved onto more expensive rates, if they don't act now.
As a result of being switched from a competitive fixed tariff to the more pricey standard variable tariff, customers could see their energy bills rise by as much as 37%, which roughly translates to an additional cost of £313.34. Even if you're not in this worst-case scenario, the average increase in cost is estimated to be £161.06 annually, so it could be well worth switching to a different deal.
Some of the providers whose fixed tariff deals are set to end include Scottish Power, British Gas, Better Energy, First Utility, PFP Energy, Npower, Co-operative Energy and First Utility. If you find that you're on a deal that's expiring soon, do consider the exit fees before you switch over. The highest exit fee recorded by Energyhelpline is £40.
That said, the savings that can be made by moving to a different fixed price deal could well outweigh the increased cost of falling onto your providers' variable tariff. So, whether your fixed price deal is ending soon or you're simply unhappy with your current energy tariff, why not compare gas and electricity providers to see what you could save?
Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.