24 June 2015
Gas & Electricity Prices Rising: Fix now!
Don't have time for the newspapers? No problemo! Here's this week's compact round up of the student money news you're probably better off knowing about.
You may have seen in the news that British Gas are the latest company to announce that they are hiking prices by 6% which could add a whopping £100 to your bill!
As of October the price hike will affect students throughout the UK who have already seen rises in utility prices put a dent in their already tight budgets.
The main issue is that this rise in prices from British Gas and SSE will most likely lead to all the other big boys following suit to maximise profits, as we have seen in previous years.
But, there is a way to save yourself from the rise in prices (even if you have to switch providers).
How can students save?
Both of these companies currently promise to keep prices the same and what’s more, they don’t charge a cancellation fee if you find a cheaper supplier or simply want to cancel your energy contract at the end of your tenancy (great for students with a 9 month lease).
To add to this, EDF will even tell customers if there is a cheaper tariff on the market!
Be warned that both of these companies may pull their fixed tariffs so act quickly to save up to £300+.
What if you already have a contract?
Many students may already have a contract that they set up in July (when their tenancy started) or maybe even just went with a company that the previous tenants were with.
It is definitely advised that you switch to a company like Scottish Power or EDF in order to fix your costs this winter. You may be charged around £50 to cancel your current contract but the savings that you can make as a student household could easily outweigh this.
You could save over £100 in the year by switching now before the hikes. You can sign up for EDF or Scottish Power, or check out our student gas and electricity guide with an Energy Helpline comparison.
Switch now in a matter of minutes and save your student house a load of money that you could spend on a shared TV, games console, house decorations or even a good old party.
If you are still a little confused about gas and electricity and what to find out how to make more savings then check out our student energy bills article.