With prices set to increase this autumn, shop around for the best deal

If you have been keeping track of the news over the past couple of months you will know that one of the most frequently reported stories has been the across-the-board price rises for business and domestic fuel. Almost all of the UK's major fuel providers have announced an increase in their tariffs, meaning that now could be the best time to think about your fuel bills (for both your home and business) and consider shopping around for a better deal. There are several reasons for this.

First, the price increases announced over the last few months may mean that your current tariff for domestic or business electricity and gas may no longer be the cheapest available.

Second, dummer is a low-use time for domestic fuel for many people; heating is switched off and the increase in the number of people eating out and having barbecues places less demand on domestic fuel, particularly gas. As such, the impact of the increase in fuel prices will not be as keenly felt during the summer months. Therefore, switching to the lowest cost provider now is a smart move that will generate savings through the winter months.

While it is relatively easy for a domestic fuel user to switch tariffs and companies, especially if they are not signed up to a contract for provision, business users may find that they need to consider their situation a little more carefully.

Many power companies now try to tie businesses into one or two-year contracts; stating that this allows them to keep business electricity prices, as well as the cost of gas, at a lower price for the duration of the agreement.

While this is certainly valid, businesses should also consider the impact of the recent price rises on their fuel situation even if they are tied into a deal which could mean that they have to pay an agreed amount to leave the contract before it has expired.

For example, if your current dual fuel rate increases by 18 per cent, in real terms to your business this can translate into an increase in your average monthly bill of approximately £100 (for a medium to larger sized business).

Conversely, if another company offers a similar dual fuel product for £25 less per month, it is now financially far more sensible to pay your current provider the cancellation fee of £50. While it may seem an unnecessary cost, moving to a new tariff with another company would save you £250 over the course of a year (minus your £50 cancellation fee).

Additionally, it is worth remembering that if you have been paying a set amount per month and have not gone into arrears with your provider, the fact you have may have used less fuel in the summer could mean that your account is in credit and that you can afford to pay for the cancellation fee from this.

With a tough economic winter forecast, your business or home will need the warmth and comfort provided by domestic fuel at the cheapest rate possible, meaning now is the best time to look around to secure the best possible energy deal.