Consumers advised to switch energy companies - 16/03/2009

Consumers should switch gas and electricity companies now that the majority of the major suppliers have announced price reductions.

The News of the World reports that as five of the six major suppliers have announced price cuts, consumers now know how much they will save if they switch companies.

Homeowners are advised to use price comparison services to compare and contrast available tariffs and to work out which company offers the best price, whether the payment method is through direct debit, quarterly bills or controversial prepayment meters.

People should also be aware that if they make a switch and then another supplier suddenly offers a better deal, they have the option of switching again even if they have only been with a certain company for a short time.

Researching services directly from suppliers' websites is also a good plan as some companies offer added incentives, such as vouchers or cashback, which are not always available from comparison websites.

Energy companies have been criticised in recent months for not lowering prices more quickly despite reporting large profit margins, although suppliers have said they are expected to invest in renewable energy projects.

If you want to find out more about how to compare energy suppliers and save up to £378 in minutes, click here.