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Energy Prices Are Rising

Jun 23, 2020 | Energy

energy price increase

Energy Prices Are Rising – But It’s Still Possible to Switch 

Oil prices have been slowly rising the past few weeks, and it look like the UK energy prices will follow the same pattern.

Back in April, the cost of crude oil hit a low, which is when US oil prices turned negative. This was brought on by the coronavirus pandemic that forced many people to work from home. Now, oil prices have started to increase again to just above $36 a barrel. Experts believe the price increase is being driven by the growing demand for oil from countries and industries that have begun to rollback lockdown requirements.

In the UK, energy tariffs are holding at ultra-cheap prices, for now. These are the lowest prices in three years. However, oil prices have started to rise, and energy prices will begin to do the same. If you’d like to lock in these low energy prices, now is the time to do it. Switching energy suppliers now will keep your energy bills from rising. To make the switch, you’ll need to use an online energy comparison site and make the switch now.


Energy Bills at Their Cheapest

Our current three-year low energy prices won’t stay low forever. Now’s the best time to consider switching your energy supplier, before prices increase. This way you’ll be able to take advantage of some of the best energy savings we’ve seen in quite a while. Not only that but switching now could save you money on household bills.

Some money experts have said that switching energy suppliers now could save people as much as £480 per year on their utility bills. Others agree that now’s the best time to make the switch, as some families who switched in March 2020 will be saving about £289 or more.


Savings Coming at the Right Time

With many of us still working from home, it’s highly likely this will continue as the pandemic continues. When the lockdown restrictions ease, many will remain working at home, as some companies look to gradually phase some workers back into the office, while keeping others working remotely. For this reason, many households in the UK have been using quite a bit more energy than they would normally for this time of the year. While energy prices remain low, this is a great help; however, prices will start to rise again.

As oil prices continue to rise, energy markets won’t be as competitive. This will more than likely lead to an upward spike in the cost of tariffs.


How to Switch Energy Suppliers

Making the switch has never been easier. When you use an online comparison site, it’s very fast and easy to switch energy suppliers and lock in the best energy prices in years. Don’t worry about switching – you won’t see any change in your service, though you will notice the changes in your energy bills and the customer service you receive. Otherwise, your gas and electricity will continue as normal, with the same safety standards that are the same for all providers.

You’ll find there are a number of energy comparison sites to choose from, where you can find a breakdown of tariffs and rates that are available in your location. You can choose to filter the results so that you can see various plans, such as renewable energy tariffs amongst others.

Now is the right time to make the switch – before energy prices begin to rise again. It only takes a few minutes to find the cheapest energy rates in your location. So, take advantage now to switch energy suppliers and enjoy the energy savings for the rest of the year.

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