It's definitely autumn now and it won't be long until winter rears its head.
If you haven't had your heating on yet, its only a matter of time before you do, and if you are anything like us here at the Money Hospital you might be trying not to think about your heating bills in the coming months!
But there is some good news for you, as if you are smart and join the growing number of people who are switching energy supplier, you could save yourself up to £170 a year.
Now that is something to feel warm and fuzzy about surely?
The power regulator Ofgem said 2.8 million households changed their electricity supplier in the first seven months of 2007 and 2.3 million switched gas provider.
The regulator hailed this as a further success for the policy of deregulating the domestic energy market.
Approximately half of all households in the UK have now switched their gas or electricity supplier since 1998.
Ofgem says it expects around 4.8 million homes will switch suppliers this year as consumers "continue to hunt for the best deal".
The regulator warns that those who continue to pay quarterly bills to their regional electricity supplier and British Gas are substantially overpaying to heat and light their homes.
The regulator said anyone who had not yet switched supplier could save money by doing so. By switching you could benefit from these average annual savings:
- £60 for agreeing to pay by direct debit
- £86 for those on a standard credit contract
- Up to £170 for those with pre-payment meters.
Many energy providers have cut their residential tariffs this year as they pass on lower wholesale prices to you the consumers.
These moves followed a big jump in the cost of gas and electricity (as many of you noticed) early last year as tighter gas supplies and rising oil prices spooked the markets, pushing up customer energy costs.
At one stage the average household in the UK was paying well over £1,000 a year for their heating, lighting and power.
Blessedly, the wholesale prices have fallen since new gas import pipelines from Norway and the Netherlands opened in the latter half of 2006.
But Alistair Buchanan, chief executive of Ofgem, said:
"With 2.8 million households switching in the first half of the year, the heat is still on suppliers to offer customers the best deal for their energy.
"With winter drawing in and all suppliers having lowered their prices, now is a good time for all customers to check whether they are getting a good deal for their energy."
"This is particularly true for prepayment meter customers, who can reap savings of £100 on average if they have never switched supplier."
So, if you the thought of paying a huge winter energy bill leave you feeling cold, its clearly time to switch.
Use the Motley Fool's impartial gas and electricity comparison tool and see how much you could save.
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