There’s good news and bad news. The bad news is that EDF have just announced that they are to join the other five major energy suppliers in hiking their prices. Boo.

The good news, however, is that as a result now is the perfect time to switch suppliers and save yourself - and your hopefully grateful housemates - a bundle of money. Yay.

If you don’t act now you could end up paying £1,400 per year - just imagine how much beer money you could save by just cutting a few per cent off your bills. Here are our top tips for saving as much money as possible on your energy bills...

It’s all about your tariff - How much you pay depends more on your individual tariff rather than your supplier - so you don’t necessarily need to change suppliers to save money. Do your research and find out what other tariffs your supplier offers. Online tariffs tend to be much cheaper, and are also less hassle to use - but be warned - some online deals weren’t included in the price hikes so technically they could still go up after you switch to them.

Get money or WINE for switching - Depending on which comparison site you use, if you compare and then decide to switch you can get cash - or even booze - as a reward! If you use Energyhelpline or MoneySupermarket you’ll get cash-back (£15 and £30 respectively), while Uswitch will reward you with a crate of wine - you can’t argue with that...

Pay by direct debit to save even more - If you decide you would like to pay by monthly direct debit you can save around another 5%. Using this method of payment your bills are calculated using a fixed estimate based on a year’s use - if you’re overpaying you can just ask for the money back.

Can we fix it... - Yes we can. If you fix your tariff your rates won’t rise for a set period of time - such as two years - meaning that you are protected against future price hikes for that amount of time. This could potentially save you up to £100 per year.

Don’t just look at dual fuel deals - Dual fuel tariffs - where you get your gas and electricity from the same energy supplier - aren’t always the cheapest option. When you’re comparing tariffs online look to see if getting your gas and electricity from different suppliers could save you money.

Tags: Saving money , Money advice , Money management , Saving tips , Frugal living tips