The Best Way to Save Money from your Electricity Bills

January 22nd, 2014
The

Energy Guide by FreePriceCompare.com

 

By using the cheapest electricity supplier you can save money on your bills without compromising on your electricity usage. To help you get more “bang for your buck”, we have compiled all the information below to help you compare and obtain the best electricity tariffs.

As most people are already aware, electricity prices have been on an upward trajectory for a quite a while with prices often increasing at rates much higher than inflation. So the best way to mitigate some, if not all, of the price increase, you should compare all the available options to you. At Free Price Compare you can use our very simple comparison tool to see the best options available to you.

However, before you make your final judgment it is important to work out what you actually need from your electricity provider. – Compare Electricity Billsand Save with Free Price Compare

The Type of Tariff

Electricity tariffsvary in different ways, so it is important to work out what you actually require. Some of the different types are fixed and variable tariffs.

A clear benefit of the fixed rate electricity tariff is that you will always know that you’re getting a fixed monthly electricity bill which will remain at the same rate till the end of your contract. In contrast, if the electricity prices do go down then you will not be able to capitalize on the opportunity as you will be stuck in the higher rate fixed electricity contract. To some effect the fixed rate tariffs would take away your basic right to switch to an option which is more beneficial and hence, a variable tariff, in this case, is ideal.

Nonetheless, at Free Price Compare , we would advise customer to opt for the longer term fixed rate electricity tariffs which shield them from future electricity price increases. As per the now common knowledge, electricity prices have been going up consistently at a rate which is higher than inflation. – Compare Electricity Billsand Save with Free Price Compare

What is your Electricity Usage?

It is common practice for electricity suppliers to have a standing charge on most of their tariffs, meaning that the unit (kWh) price of your electricity will drop after a certain usage threshold. So, if you are a small user of electricity then the standing charge will form a bigger percentage of your overall electricity bill. To check your level of usage you can simply look at a previous bill and determine if you are in fact a high or a low user of electricity.– Compare Electricity Billsand Save with Free Price Compare

What time during the day do you use your electricity?

Most electricity companies offer different tariff rates depending on the time of day. For example, during off peaks periods in the day, the cost per kWh is lower than the peak periods.

However, in order to use this tariff all customers must have an Economy 7 meter, which allows electricity companies to monitor the usage during different periods in the day. Clearly this can be great money saver if you are willing to slightly accommodate your lifestyle or if generally you work in a shift pattern.– Compare Electricity Billsand Save with Free Price Compare

Dual Fuel is a great option or is it?

Often energy suppliers offer greater discounts if you use their services for both electricity and gas. In many cases you can receive discounts of up to the value of £300* or even 8% off your bill. However, opting for a dual fuel is not always the best option, as in some cases it is cheaper to have two different suppliers for the different types of energy. – Compare Electricity Billsand Save with Free Price Compare

Which payment option do you prefer?

By choosing to manage your account online and pay you bill by monthly direct debit, the electricity company will offer significant discounts in some instances. This is due to the lower admin cost and the ease with which they can manage your account. Clearly this is a big incentive for the customer as they will receive great rates and they can manage their account more intently allowing for further savings to be made.– Compare Electricity Billsand Save with Free Price Compare

The cheapest option for you electricity requirements.

Once you have worked out what you need from your electricity provider, you can do a quick comparison at www.freepricecompare.com). Our comparison tool is totally free, independent and impartial, so you can be rest assured that you are getting the best deal available in the market.

Compare your energy tariffs (Gas and electricity bills / Utility bills) by calling Free Price Compare

Energy Enquiries: 0203 4757 476.

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You can also contact the Free Price Compareteam by emailing:customerservice@freepricecompare.com

Compare and see how much you can save on your energy bills

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