Energy costs money. No surprise there. What might surprise you is the sheer number of price hikes energy suppliers throw at us.
Ofgem’s newly announced price cap rise, effective from 1 April, marks this year’s first. In 2018, there were 57 price increases. FIFTY-SEVEN. And it isn’t just the big six who are rinsing us dry. The smaller independents are too.
One of those smaller suppliers had the gall to hike prices by a staggering 38% in October last year. Yep, 38% in one go. And if we look at the data, every supplier is guilty of raising their prices. We don’t think any bookies will be taking a request a bet for whether all of them will do the same again this year. It’s nailed on.
Why are energy prices rising?
The rising cost of energy can be attributed to increasing wholesale costs. Energy suppliers purchase their gas and electricity in bulk. The next batch they purchase may be higher than the last, and if it is your energy supplier passes those costs on to you. The behaviour of suppliers when increasing prices is very much ‘you jump, I’ll jump’ – they follow each other’s lead to minimise their exposure on the press train.
So, where does that leave you, the business who consumes this energy? As always, it leaves you to saddle up and do the leg work to get a great deal.
What you want to do is switch
Switching saves you money by moving you onto a fixed-rate tariff. These are always cheaper than standard variable tariffs.
Unfortunately, switching your business energy supplier can be more complicated than switching your home energy supplier. Suppliers want to know more about you and are less open to publishing their business prices. This can make comparing deals difficult and leave a lot of questions about the switching process itself.
We make it easier: just download the free EnergyBillKill app, fill out a few details, and BOOM we find providers and plans for you. It’s dead simple: we do the hard work and you get to save money – a doubly good deal by any measure.
Benjamin Franklin’s famous quote, “in this world nothing can be said to be certain, except death and taxes,” (you know the one) could well be considered outdated today, such is the certainty of the rising cost of energy. But you needn’t get caught out. Let us find great deals for you and start saving. You’ve nothing to lose.