Over 4 million homes ‘unaware’ when their fixed energy tariff expires
33% are unaware of their tariff’s expiry date, risking hefty increases.
More than four million households across the UK don’t know when their fixed energy tariff expires. This has resulted in a massive £1.4 billion in potential overpayments, new data has revealed.
One in ten homeowners don’t know if they are on a fixed tariff or on a standard variable tariff (SVT), according a new study.
With so many different energy options on offer, many consumers are struggling to tell the difference between the various types of deal, and becoming confused.
This confusion means that out of the 14 million homes currently on fixed energy deal, 33% admit that they are unaware of when their deal expires. This equates to more than four million households.
Not reading your energy bill could mean that you miss out on this information, as well as other important points, like if you’re about to be rolled onto a less competitive SVT or other default tariff, which might cost you on average £300 per year.
This means that households might be overpaying by a whopping £1.4 billion across the UK.
The study spoke to more than 1,700 home owners across the country, who are responsible for paying their energy bills. This showed how much or little customers knew about their bills.
A large figure of 42% also said that they don’t read their energy bills as they make their payments through direct debit. They admitted that having automated bills stopped them from engaging with checking their information.
It is important that customers keep up with all the information on their energy bills, as with increasing prices, it is becoming more difficult to find a good deal.
Make sure you check your tariff regularly and even if you have automated bill payments, always check when your tariff is due to expire. This will save you overpaying for your energy and losing your hard-earned cash simply because you don’t have all the information you need.
Use a price comparison site like A Spokesman Said to find the best energy deal, and check that you’re on the right tariff for your home. Remember that it is always cheaper to shop around and find your preferred deal that it is to let your current supplier roll you over on to a more expensive default tariff.
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