Switching Energy During Lockdown (COVID-19)
Martin Lewis, the founder of MoneySavingExpert has highlighted to consumers that they could save money by switching energy supplier.
We’ve covered that there has been a slump with wholesale energy prices due to lack of demand globally. This helps drive down costs in the short term, but is now starting to increase as the flow of oil is now controlled and production lowered.
Price comparison website USwitch also conducted analysis with findings that consumers in the UK are paying £52m a week more on their energy bills due to more people being at home.
Your monthly energy bill is therefore likely to be higher to due higher consumption. As noted by the research by USwitch, they estimate energy bills will have risen by an additional £16 per month since the lock down.
So is now the right time to take action?
Martin Lewis said:
“And this low oil price feeds into switchers’ prices for gas and electricity too. They’re at their cheapest for about three years and not just small firms, but large big six companies also have the cheapest tariffs we’ve seen in years.
So, now’s the time for everyone to check their energy tariff and take advantage of historically low oil prices.”– Martin Lewis
There are definitely cost savings to be had. And switching energy providers will not cut off your energy supply – important to know since being at home 24/7 makes having electricity and gas more important than ever before .
If you are facing financial difficulty, then the government has assured everyone will continue to have a flow of energy into their homes during their difficult times.
If you are facing financial hardship then the path is to contact your current energy supplier and work out payment arrangements with them.