With the recession still lying heavily in consumers’ minds and public spending cuts now beginning to take effect, the nation is still tightening its collective belt and looking for ways to save money and reduce outgoings until brighter times return.
One trend that has strongly emerged, is that of consumers beginning to take a more flexible and competitive view of their utilities and other regular payments. In previous times, customers were generally less well informed about their options for utilities and other bills and may have automatically taken the standard pricing suggested to them. However with the rise of deregulation and competition in these markets, all homeowners now have the choice of who supplies their premises with gas, electricity, water and other utilities.
This combined with the development of online price comparison sites and a desire amongst consumers to cut their outgoings and become more savvy about the products they purchase, means that competition has become ever fiercer amongst the large utility providers. Gas, water and electricity prices still keep rising – the economy is struggling, natural resources are diminishing and the demand in the developing world is playing a strong part in the wider macroeconomic factors that set utility prices many months in advance. Government regulation also plays a strong part, as does taxation and the need for the world to become greener and more carbon friendly. The result of this is that large utility providers are passing on price rises to already burdened consumers. Electricity prices have never been so high, gas prices are burgeoning and even water costs have increased heavily.
Happily there are tactics that consumers can take to lower their costs and annual spend on utilities. Firstly, electricity prices vary according to the provider and there are a number who are now able to supply across regional borders and geographies. One quick way for consumers to check if they are paying the most competitive prices for their utilities, is to go to an online price comparison site. By selecting requirements and personal circumstances; for example, the type and size of home being heated and run, the type of heating system, the age of the property and number of people dwelling in it, the best suggested price, tariff and provider will be returned. There are also options to select green tariffs, for those energy suppliers who are committed to developing green energy sources such as wind farms and hydropower, for supplying residential homes and commercial properties.
Once the online search has returned the most competitive gas and electricity prices for the customer’s requirements, there is usually an option to apply online directly, using a simple form. The switching process will be handled by the new supplier and is usually fairly painless, it will involve a few weeks of administration, a visit from a meter reader and confirmation of bank details and other particulars. Once set up, the difference in gas and electricity prices should be well received!
Other tips for slashing utility bills include taking dual fuel with one supplier; this can work out cheaper, although comparison sites should still be used to double check. Some suppliers also offer energy efficient light bulbs as a perk and discounts on insulation, heating systems and other measures to make the home more energy efficient. Some also now offer energy measure gadgets which allow the homeowner to locate where the majority of their consumption is coming from, whether that be items left on standby or old, energy inefficient white goods being heavily used. Many suppliers also offer advice teams who can help consumers to cut their consumption and so reduce their gas and electricity prices.
Certainly, all of these steps will add up to make a saving on the annual bills and with gas, water and electricity prices looking to keep rising in the near future, it makes sense to take corrective and protective action as soon as possible.
