Many people are paying more than they need to for their gas and electricity bills. This article will focus on helping tenants to get the best value gas and electricity bills. It forms part of a series of articles designed to provide information for people who rent property. Previous articles include how to determine the council tax band of a property and how to receive energy efficiency grants.
Switching energy supplier
The fastest way to save money can often be to switch the company that supplies you with gas and electricity. In some cases if the change is timed correctly people can save up to 20%. If this is on an annual bill of £500 you could save £100 just by switching supplier (based on a 20% saving).
The quickest and easiest way to switch is to use a comparison service such as Save On Your Bills*.Comparison services will find you the cheapest supplier based on the information you enter into the online search. In addition to the possible 20% saving by switching suppliers, suppliers often offer cashback or free gifts to convince you to switch, meaning you could save more than 20%. Please remember you should not take a gas or electricity contract just because of a free gift or cashback.
Changing the way you pay
Changing the way you pay for your gas and electricity can lead to further savings on your bills:
Paying by direct debit
Fixed monthly direct debits mean you pay a fixed amount each month based on an estimate of your monthly usage. You are then either charged for any additional usage over the estimate or refunded money when you use less than was estimated (usually at the end of the year). Paying in this way can often save you up to 10%.
If you pay by variable direct debit, do not rely on the estimates sent by the gas or electricity company. Always check your bill and ensure you send in a reading after you have received the bill. This will ensure you are not paying for more gas or electricity than you have used.
Dual Fuel
Don’t assume that duel fuel, where a single company supplies both your gas and electricity, will be the cheapest. Always compare dual fuel suppliers with those suppliers that provide, only gas or electricity.
Ditch the prepayment meter
Although many choose to use a prepayment meter to pay for gas and electricity, it often means you are paying more than using other methods of payment (quarterly bills, direct debit etc). If you think you can manage your money and do not have credit problems, changing to a billed meter could result to lower gas and electricity bills.
Improving the energy efficiency of your property
Using less gas and electric by increasing the energy efficiency of your home can also be a good method of reducing the amount you spend on heating bills. The government has recently been encouraging private tenants to apply for grants to help insulate their home. These grants can often mean people on low incomes and/or of a particular age can receive energy efficiency improvements for free. More on accessing grants for improving energy efficiency can be found here
Useful links
- Save On Your Bills*
- How to determine the council tax band of a property
- A Tenants guide: Energy saving grants
* This symbol denotes an affiliate site. K&G Lettings Limited may receive a commission if you click this link.
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