Scottish Power has become the first of the "Big Six" energy companies to announce massive increases in the price of gas and electricity.

The price hikes will see domestic electricity bills increase by an average of 10% and gas bills by a whopping 19%. The price increases will be effective from August 1, 2011.

The price increases, effectively an extra 48p per day on a dual fuel bill, will hit 2.4 million households across Britain. Just over 22% of households will, however, be protected having taken out fixed price deals.

It’s inevitable that other energy companies will follow suit and so now is the time to act quickly, and get yourself on a fixed tariff while you still can. Price comparison websites can help you find the best deal for your area. But this needs to be done NOW because the fixed deals are not likely to be around for much longer.

The price increases, following "a prolonged rise in wholesale energy costs and continuing volatility in global energy markets", mean that now more than ever energy saving in the home is essential. Saving energy makes sense, and now it makes financial sense.

It’s also a good time to consider alternative renewable energy solutions, particularly if you are about to do some home improvements. With support from the government’s "Green Deal" many companies are offering great offers on Solar PV, enabling you to generate your own energy and sell any excess back to the National Grid. That’ll show the Big Six!

[Image: Stig Nygaard]