Money

Top tips from Emma Skinner of CompareAndSave.com

One easy way to save a good sum of money, with minimal effort, is by switching your gas and electric provider and tariff.

However, cutting the costs of gas and electric will be even harder soon as some of the major energy suppliers have announced price hikes, and the others are likely to follow suit in the coming weeks. With the price increases planned to take effect over the coming months, your pennies will be squeezed even tighter meaning it is essential that you try and save money where possible now.

Figures show we’re not even trying to save money

With all this talk of Britons finding ways to cut their outgoings, you might be incredibly surprised to hear that around 25% of us do not shop around for financial products, and 91% don’t go on to compare gas and electric prices in an attempt to save money.

These figures are shocking; 9 out of 10 people have never switched their gas and electric supplier to save money!

If you apply this across the country, millions, or even tens of millions, of people could be losing hundreds of pounds every year because they have not taken the time to compare gas and electric. Comparing and switching gas and electric prices is one quick and easy way to reduce energy bills which the vast majority of Britons have not explored.

Compare gas and electric

Online comparison tools can help you find a better deal on your home energy by providing you with an independent overview of the tariffs available from alternative suppliers. The tool cannot do everything; you need to provide it with a small amount of information first in order to get a quote tailored to your needs.

So, before you compare gas and electric you will need to know who your current supplier is, what your average consumption is (either by units of energy used or current cost per month/year), the type of tariff you are currently on (all of the above information should be displayed on your previous bill), and your postcode.

Once you have provided the tool with this information, you will be shown a list of suppliers and tariffs and their estimated annual costs. This offers you a quick and easy way to see just how much you could save and who you could save this money with.

You might be surprised at the results; some people find that they could save as much as £300 in one year simply by changing who provides their gas and electric.

Switching

When you settle on a tariff that could reduce your energy bills, the switching process is also very straightforward. By completing the switching process on a comparison tool, everything will usually be done for you. Your new supplier will inform your current supplier that you wish to leave.

Your old supplier will then send you a letter letting you know that they have received notification and will be cancelling your supply – don’t worry, you won’t go without gas and electric at any time during a switchover. Your new supplier will then confirm that you are set up and running on the new tariff.

It could not be simpler.

If you are one of the 91% of Brits who have never gone on to compare gas and electric. or you’ve never looked at finding alternative ways to reduce energy bills and save money, perhaps now is the time to start.

Don’t let yourself spend a small fortune on your gas and electric this year when all it takes is a little bit of time to reduce your outgoings - log on to an online comparison tool and find who can provide you with a better deal.

In addition, if you are the 1 in 10 that has switched before, make sure you keep checking gas and electric prices on a regular basis because the tariff that offered you the best deal last year may not be the best one for you now, especially in light of the recent price hike announcements.

Emma Skinner

About the author

Emma Skinner is the Editor of CompareAndSave.com, one of the UK’s leading personal finance comparison sites, specialising in saving people money by giving them the information they need to compare credit cards, prepaid cards, insurance and utilities.