Millions of Britons now face the worry of how to cover their overpriced energy bills on top of other seasonal spending. Wholesale gas prices have dipped almost 50 per cent in the past two years with electricity down 30 per cent.
But household heating bills have barely fallen in that time. It is the same story on the forecourt where pump prices remain stubbornly above £1 a litre despite the oil price falling to an 11-year low of $36 a barrel.
With a little effort you can keep your bills down and avoid a nasty shock in January.
Stephen Murray, energy expert at MoneySupermarket.com, said festive energy costs such as heating the home, cooking the Christmas turkey and running the dishwasher are an added burden for those who invite guests at Christmas.
He said: “More than half of us will be spending Christmas and Boxing Day at home and face inflated energy bills by January, leaving many out of pocket and a large number of us worried about finances.
”Many have taken advantage of recent mild weather to turn off the central heating and cut costs but temperatures could soon plunge. Murray said turning down your thermostat by just one degree throughout the year can save you up to £90 annually.
“Instead of turning the heating up wrap yourself in a blanket or put an extra jumper on.”
He recommends making the most of oven heat: “Leave the door open once you’ve finished cooking to heat the kitchen and surrounding rooms but remember to stay safe.
”Washing your clothes at 30 degrees can also cut costs.
“Most of the washing machine’s energy is used heating up the water so you will use significantly less energy,” he said.
Houses fill up with electronic goodies such as TVs, games, smartphones and tablets at Christmas. “Make sure they are properly switched off and not left on standby,”
Murray said. Tom Lyon, energy expert at uSwitch.com, said electric heaters are one of the most expensive forms of warming your home: “It is cheaper to use an efficient central heating system with thermostat and timers.”
If you haven’t switched energy supply lately you can slash your energy bill by finding a cheaper deal.
Lyon said: “This takes a matter of minutes and could cut annual bills by as much as £300.”
You can compare costs quickly and easily at online sites such as uSwitch, MoneySupermarket, GoCompare.com and Switch.Which.co.uk. Shopping around for a new deal is particularly important if you are on a fixed rate tariff that is shortly coming to an end.
Eleven fixed tariffs end on New Year’s Eve with household bills rising by £172 on average if they are rolled onto their supplier’s variable tariffs, according to GoCompare Energy.
Scottish Power, Npower, Extra Energy, Co-operative Energy and Sainsbury’s Energy all have tariffs that are due to end. Extra Energy customers will see the largest average rise of £215, which is an expensive way to start 2016.
If driving to see friends this Christmas you also have to budget for petrol costs. The RAC has condemned retailers for failing to pass on cuts in wholesale fuel costs, especially to the UK’s 11million diesel drivers.
Diesel costs on average 106p a litre, 3p more than for unleaded petrol, which averages 103p. Yet the wholesale diesel price is 2p cheaper than unleaded. RAC Fuel Watch spokesman Simon Williams said many supermarkets now sell petrol for £1 a litre: “While unleaded has come down at the pump we are still looking for the supermarkets to cut the price of diesel properly and give motorists the Christmas present they deserve.”
Supermarkets Asda and Morrisons recently cut the cost of their petrol to below £1 a litre. Visit PetrolPrices.com to find the cheapest fuel near your postcode area before filling up.
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