Energy bills to fall for 11m, but don't be fooled into thinking you're on a decent rate, warns MoneySavingExpert
Today the energy regulator Ofgem has announced that the price cap for standard tariffs will be dropping by £84/year to £1,042/year on average for someone with typical usage from 1 October 2020.
Guy Anker, deputy editor of MoneySavingExpert.com, said: “It’s important this price cut doesn’t lull people into a false sense of security that they’re paying a good price for their energy. The 11 million households on a standard tariff are almost certainly massively overpaying now, and will continue to massively overpay even after the cut.
“The cheapest deals on the market are an average £250+/year cheaper than the new standard rates, and as we're using more energy than usual as we’re at home more, it's a key bill to sort out now. So don’t just sit back and pay these rip-off rates – see if you can switch to a cheaper deal now.
“And switching is easy. No one needs to visit your home (unless you want a smart meter) and you won't be left without gas or electricity. All that changes is price and which firm bills you for your energy.”