The clocks go back on Sunday morning, signalling the end of British ‘summer time’ (ha-ha!) and giving us a precious extra 60-minutes in our day.
Many of us will simply grab an extra hour’s sleep – and why not? But if you can limit yourself to just under 55 minutes bonus shut-eye, you can use the other five-and-a-bit minutes to find the best energy deal at MoneySuperMarket – and rack up major savings on your gas and electricity bills.
Power Hour savings
According to the Office of National Statistics, the average Brit earns £15.25 for one hour of work. And we’ve worked out that switching from a standard tariff to the cheapest fixed rate deal can save, on average, £277.
It typically takes just over five minutes (5min 12 secs, to be precise) to run an energy quote on our site. So for five minutes of your time on Sunday, you could save up to 18 times how much you could earn by working for that hour, if you’re on average earnings.
Even if you’re earning big bucks, the prospect of saving the thick end of £300 (amounts vary according to where you live) should be enough to tickle your interest.
And, of course, if you earn below the average wage or are a pensioner or on benefits, the potential savings could be even more significant.
Time to switch!
According to Ofgem, the energy market regulator, around 40% of energy customers have never switched supplier.
Stephen Murray, our energy expert, said: “Most of us look forward to the clocks going back to have an extra hour in bed. But what if this year we used the additional “Power Hour” to save money?
“If homeowners used just over five minutes of the extra hour they gain on Sunday to switch their energy supplier, they could save £277 on average.
“Over the next few months the colder weather and extended hours of darkness mean we use the majority of our energy. For people who are not on a monthly direct debit option, this time of year is often followed by the most expensive energy bills. It really is worth making the switch sooner rather than later, to save as much as you can.”
Beyond the ‘Big Six’
The current cheapest fixed price energy tariffs from up and coming ‘challenger’ energy brands are less than £840 a year on average – over £250 cheaper than the average standard monthly direct debit tariff from the ‘Big Six’ energy firms.
Stephen Murray concluded: “The main thing to check before switching is whether you’re required to pay any exit fees if you leave your current deal before it expires.
“Typically you won’t be required to pay any exit fees if you switch during the last 42-49 days of your current deal. The amount you’d need to pay can vary from £5 per fuel to £35, so take that into account if you’re looking to change your energy deal.
“For those who’ve switched in the past, it’s always worth having a look to see what else is on the market. The average cost of new energy deals has been falling throughout 2015, and the chances are, you’ll be able to sign up to a cheaper deal if you’ve not changed your tariff in the last 12 months.”
Please note: any rates or deals mentioned in this article were available at the time of writing. Click on a highlighted product and apply direct.