Around 142,000 households could see their energy bills skyrocket by as much as £190 a year as fixed price deals come to an end this month.
That’s according to new data, which states 47 deals are scheduled to run out at the end of January, which means many customers will be rolled on to default tariffs that are usually much higher.
It suggests the average increase will be £114 per household, while others face even greater hikes of £192, £175 and £146 – amounting to £16 million in total if they don’t switch.
While Ofgem is expected to announce a slight fall in the price cap next month, it won’t come into effect until April and uSwitch believes even if the cap is reduced, customers on default tariffs could still be overpaying by around £300 a year.
Cordelia Samson, Energy Expert at uSwitch said: “People are already feeling the strain on their wallets after Christmas and the last thing they need is for their energy bill to shoot up. Anyone whose fixed energy deal is coming to an end soon will be rolled on to an expensive Standard Variable Tariff if they don’t choose a new, cheaper plan. So now is the time to take action.
“In the past six months we’ve seen the lowest-priced deals becoming even cheaper. Households can take advantage of more than 50 fixed deals available for less than £1,000 per year and switch now. If you switch to a fixed deal this time, make sure you also sign up for a reminder to alert you when the plan is next due to expire – to keep you firmly in control of who you give your hard-earned money to.”