Over recent years this is quite clearly the single biggest price rise!
Effective 7th Oct, thousands of Economy energy’s variable tariff customers will see a price rise of 38% which equals to a nominal increase of over £300 on their home energy bills.
Comments from Free Price Compare
Commenting on the news, Shay Ramani, Founder of Free Price Compare said, “The price rise in itself is not a surprise but an increase on this magnitude is very rare, nonetheless, as per other variable tariffs, customers can switch energy providers without any exit penalties. My strong advice to all Economy Energy customers is to switch suppliers NOW! Failing to take action can even lead to fuel poverty.
“Customers who are on the Economy energy fixed priced deal should also be aware. As a precaution, you should double confirm you are safe from the price rise by contacting Economy Energy directly. If possible even have the welcome letter at hand when you call.”
How can FreePriceCompare help?
Switching to a cheaper energy deal is very easy with FreePriceCompare as you can actually compare and select the cheapest supplier from our results page in 5 minutes.
Once selected, FreePriceCompare will handle the whole process for you, including letting Economy Energy know that you would like to switch energy suppliers. The whole process takes around 21 days and you are guaranteed to be never left without gas or electricity supply.
Please note if you are in a contract, you can be subjected to exit fees so you can either wait for the contract to come up for renewal or you can switch now if the savings are significant. Remember market tariffs can go up in price, so if you can save a lot of money by paying the exit fees then it is worth a serious consideration.