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Gas & Electricity bills up by 85% in the last 5-years

According to Energywatch, the independent gas and electricity watchdog, British Gas customers have seen their dual-fuel gas & electricity bills increase from £567 to £1,049 in the last 5-years, a whopping increase of 85%.

In the last few weeks we've seen gas & electricity price rises coming in thick and fast and three of the biggest gas & electricity suppliers have recently announced the following price hikes for gas and electricity:

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• nPower +16%
• British Gas +15%
• EDF Energy +11%

(Source: Energywatch, for dual-fuel medium usage)

Gas & Electricity suppliers have been quick to blame it on the rising price of wholesale gas prices, however, Energywatch believes that there's no actual shortage of gas across Europe, as new pipelines have increased storage capacity.

With E.On, Scottish Power and Scottish & Southern Energy yet to announce price increases, you may feel it's better to wait and see what happens before switching your gas & electricity to a more competitive supplier. But, why wait? Some gas & electricity suppliers may increase their prices later in the year and unless you opt for a fixed or capped deal, there's nothing to stop you switching again - switching in fact has never been easier. 

Since we launched our new Gas & Electricity comparison service on Moneyfacts.co.uk, we've saved our customers £247 each on average.

Top tips when switching to a cheaper Gas & Electricity deal

• Capped and Fixed gas and electricity products will give you a fixed price for a set period of time, much the same way a fixed-rate mortgage works. This will protect you from fluctuations in the price of gas and electricity and experts are predicting further gas and electricity price rises in the autumn, which is why capped and fixed gas and electricity deals are proving very popular at the moment.
• Switching to a dual-fuel gas and electricity deal means you'll benefit from a discount, as well as one supplier and one bill.
• Paying for your gas and electricity by Direct Debit means you'll often get a discount from the gas and electricity supplier as they are able to pass on some of the benefits they get from regular, fixed payments from their gas and electricity customers. 
• Switching to online gas and electricity products allows you to sign-up and manage your gas and electricity bills online, which reduces the administration costs for the gas and electricity supplier, meaning they'll be able to offer you a discount in return. You can also update your gas and electricity meter readings online, thus avoiding some of the problems caused by estimated gas and electricity bills.

You can compare Gas & Electricity suppliers and prices for your area. It's simple and easy to find the best deal; you can apply online and save up to £320 on your fuel bills.

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