Beware of the New Year energy price hike and save more by switching

With many minds on other things at this time of year, it would be easy to overlook that, come January 1, many consumers will face a price hike.

Indeed, Gocompare.com is warning that households could find themselves faced with energy price rises of up to £172.34 when a range of dual-fuel deals expire at the end of this month.

If your household is on one of these deals, you could face an average rise of 18% when it expires but you do nothing and your supplier automatically switches you to their standard tariff.

Scottish Power, Npower, Extra Energy, Co-operative Energy and Sainsbury’s Energy all have dual-fuel tariffs that are set to end on December 31.

It’s not all bad news, though. Households on Npower’s Price Fix December 2015 and Fix December 2015 tariffs, or Scottish Power’s Fixed Price Energy December 2015 and Fixed Price Energy

December 2015 Online tariffs could all see bills fall slightly if they were put on those company’s standard tariffs.

However, they could save more by switching.

Ben Wilson, energy spokesperson at Gocompare.com, said: “With Christmas just around the corner, December can take a heavy toll on family finances and the last thing most people need is an increase in their energy bills, especially when usage is typically at its highest in the winter months.

“However, there are some really competitive dual fuel tariffs available at the moment, with some costing less than £800, on average, per year.”