UK billpayers have been given fresh advice over whether to stick with their current tariff or not, following the release of Cornwall Insight's final prediction for the July to September price cap.

The watchdog has indicated that a typical dual-fuel household will pay £1,720 a year on energy bills from July. This represents a decrease of £129 or 7% from the existing price cap of £1,849 for an average customer.

Cornwall Insight has attributed this slight increase from its previous forecast to several rises in the wholesale energy market, as well as revised assessments of policy costs and network charges.

While this could lead to some savings for customers nationwide, others are being urged to review their current tariff to maximise savings before the new price cap comes in. Richard Neudegg, director of regulation at , said: "The expectation of a drop in July's price cap is welcome news.

"But any household still on the standard variable tariff should ditch it well before then. There are a number of fixed deals on the market already cheaper than the predicted July rates, and we're seeing the biggest savings versus the price cap since autumn 2020.

"The average household on a standard tariff could save around £332 a year by switching compared with the current price cap, which also beats the latest July prediction by around £200 per year. Now is the time to go online to see what deals are available to you.

"If you can beat the predicted July rates then switching now could be a no-brainer."

Transferring your energy agreement is a fairly straightforward process that can often be completed in under a week. The continuity of your service isn't affected; you'll simply be paying a different company for your energy, ensuring there's no interruption to your home's power supply.

In most instances, a switch doesn't necessitate a home visit; the only exception would be if you need a smart meter fitted.

One essential tip before making an energy switch is to scour various comparison websites and snag the best deal that fits your personal requirements. It's wise to weigh this against the anticipated energy price cap rate to determine the full scale of your possible savings.

Bear in mind that although the price cap is set to lower come July, this rate is subject to quarterly adjustments, which could impact your long-term financial gains. Furthermore, depending on your existing energy arrangement, there may be a cancellation fee involved - something that could substantially dent the savings you're eyeing, so factor it into your calculations.

If you believe you've stumbled upon a deal that suits your needs, all you need to do is either switch through a comparison site or directly contact your new supplier, who will assist in the transition. Don't forget to take a meter reading when you finally make the switch so you can receive an accurate final bill from your previous supplier.