Householders urged to address 20% energy price hike

Household energy bills will rise by 15 to 20 per cent in September, comparison site Xelector has said.

A further increase of 20 per cent is also predicted for early next year.

Commenting on the findings, financial website Fool.co.uk has recommended homeowners contact their energy providers and cap their tariffs to avoid “punishing” costs.

It also suggests initial price rises may occur as early as this month.

Fool’s head of personal finance, David Kuo, said: “Capped-rate deals may not be the cheapest tariffs on the market, but they will look a bargain in a few months’ time.”

He added long-term capped deals may ultimately offer the best value for money but consumers should be sure of their total outgoings for the length of the deal.

Those facing debt management issues may consider the recommendation.

This week GoCompare said a third of consumers spend 80 per cent of their monthly salary on bills and six per cent spent 100 per cent.

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