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Getting smart with your energy

Getting smart with your energy

Price hikes on energy tariffs are coming thick and fast! 15 million UK households will automatically be moved onto a more expensive energy tariff if we don’t take action when our fixed tariff ends.

The Simples Lab wants to equip you with the knowledge to take charge of your energy bills, and ensure you are getting a great deal through the Simples Labs smart automated energy checking service.

The UK is in the dark about energy tariffs

One in five of us are unsure of the difference between the two most popular tariffs, standard variable tariff (SVT) and a fixed tariff. There’s a common misconception amongst energy users that being on a ‘fixed’ tariff means you’re locked into a tariff and can’t switch provider (some tariffs will have exit fees written into the small print, so always check before switching). Others think it means you can only use a ‘fixed’ amount of energy during the tariff period, which begs the question: what happens if you hit your quota? 

All this confusion is no laughing matter, when households are in the dark about their energy, they’re at risk of missing out. A whopping 41% of us don’t know when our tariff ends, which means millions of UK homes are sleepwalking into paying considerably more on their energy bills when moved onto a SVT. 

Where there’s knowledge, there’s power

The Simples Lab is on a mission to bust the myths and clear up all the confusion around energy tariffs. First up, ‘fixed’. Fixed tariffs guarantee set unit prices throughout the duration of the energy tariff. Whereas, a standard variable tariff, customers pay a variable price each month, which could go up and down depending on a wide mix of factors, including fluctuations and shifts in the wholesale energy market. SVTs could work out more expensive than fixed tariffs. 

How to take (simples) action

With so many UK households at risk of lapsing onto higher cost variable tariffs and wasting their hard earned pennies and pounds, the Simples Lab has devised an automated enregy checking service – an innovative solution to help energy customers turn confusion into smart, simple action. If you have a comparethemarket.com account, you can sign up to get notified when your fixed tariff is about to expire. You’ll also receive regular alerts when cheaper tariffs become available to you.

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