Switching Energy Suppliers

All the smart money is on switching energy suppliers. According to most advisers, people who have never changed the companies they buy gas or electricity from stand to save around £180 but often it’s much higher. That’s at least £15 a month.

It’s getting easier and easier to switch. All you need is:

  • The name of your current supplier(s)
  • The name of the type of tariff(s) you have (eg, Standard)
  • How much you use (kWh) per year or how much you pay per month or year

Once you have the details to hand, it takes five minutes to see how much you could save by phoning or popping a few details onto a comparison website.

 

Worth Knowing

  • There should be no disruption in your service. The only thing that changes is who takes your money, although different suppliers might bill you slightly differently
  • Some websites ask for your contact details before showing you price comparisons, so if you don’t want follow up emails, texts or calls, tick the boxes that say you don’t want to be contacted
  • If you can’t find your annual gas or electricity usage, you can just say how much you pay each month or how much you paid in the last year
  • Some suppliers charge an exit fee for switching before the end of your agreement, so it’s worth thinking about if you want to be locked in before switching. Also check that you’re not locked in with your current supplier
  • Some landlords have their own arrangements with energy suppliers. If you’re a tenant, you might want to check if the landlord has a special deal or if you’re okay to shop around
  • If you get the Warm Home Discount, you might want to check how it works with the new supplier
  • A lot of new energy companies have come onto the market to give the so-called ‘Big 6’ (British Gas, EDF, etc) a run for their money. Do a quick internet search to find reviews or service ratings for them
  • You could also go back to your current supplier and see how close they can come to matching the quote you see on a comparison website
  • Martin Lewis’s website moneysavingexpert.com has an Energy Club where members find good deals and feed back on their experience. It’s a bit like an ‘investment club’ where members get updates on the latest deals, so they can switch at the best time
  • You can still switch if you’re on a prepayment meter, unless you owe more than £500 on it
  • Once you’ve found the best deal and decide to go for it, it takes 17-21 days to make the switch happen but you probably won’t even notice
  • You have every right to change your mind within 14 days, after which you could be charged a fee to cancel

Further Advice