When Should I Switch Energy Suppliers?
In the UK, there has been a notable uptick in wholesale energy prices in recent years. One of the main causes of this is the increase in demand following the COVID-19 epidemic and the Russian invasion of Ukraine, which had a significant impact on the world’s oil and gas supplies. The United Kingdom experienced an energy crisis as a result of a domino effect.
The government created the Energy Price Guarantee, which specifies the average amount of bills that a normal home must pay, to effectively address this. Even though there are numerous such policies in the works, the easiest way to save money on energy is to control your consumption.
You can find all the necessary information regarding energy prices, providers, and when and how to switch energy suppliers in this guide.
When should I switch energy suppliers?
You may wonder, “When can I switch energy suppliers?” in response to rising costs or subpar service. It might be difficult to decide when to change energy suppliers, but under certain circumstances, you are forced to make a decision. For example, many businesses entice new clients by offering additional discounts or perks.
These sales, however, typically expire quickly, leaving customers with increased costs. There are instances when the economy changes to the point where a sharp rise in pricing is reasonable. Generally, when one supplier declares a hike in tariffs, others do the same. Therefore, before your existing contract expires, this is the best time to transfer.
49 days before the contract ends, the switching window opens, and consumers aren’t charged exit fees during this time. Any of these might be a good time to switch to a cheaper option.
If you’re not on a fixed billing system, your tariff may increase drastically over the course of the winter. Most people tend to use a comparatively lesser amount of energy in the summer, which makes it difficult to get an actual estimate of how much the energy supply would actually cost otherwise. Hence, it’s advisable to compare prices before winter starts.
Also, a lot of providers don’t have the option of closing your account if you still owe them a long-term debt. In these cases, you first need to pay off the loan amount if you wish to switch.
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The answer to the question ‘when can I change energy supplier?’ – it might not remain a personal choice if you’re moving places. It is the perfect opportunity to actually step back and reassess your needs. Most often, there’s a change in the number of rooms, number of appliances, and even heating systems that could potentially affect your overall usage to a large extent.
A sudden change in lifestyle is also a similar opportunity. For instance, if you retire or shift to working from home rather than the office, it would mean an increased usage of resources. Also, if a member of the family moves out, that would in turn decrease the usage. These situations make it ideal to re-analyze and check with new energy suppliers who may be better suited to your changing needs.
Finally, the choice to transfer energy providers could not even be motivated by financial considerations. It’s wise to look into alternative suppliers if you want to select more environmentally friendly solutions for your energy supply. When to transfer energy suppliers may already have been answered if you’re dissatisfied with the services offered by your current provider.
If you would have to pay a penalty or exit charge in order to terminate the continuing contract, you should avoid switching providers, especially if the cost could reduce the savings you had anticipated. This additional cost shouldn’t be a problem, though, if you’re thinking about transferring for non-financial reasons. Additionally, making rash supplier changes while you’re still researching and analyzing.
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What Is the Next Step After Deciding When to Switch Energy Suppliers?
There may be a number of factors influencing your desire to move energy providers. You may be moving, your regular supplier may have had to close due to the current energy crisis, or you may have just discovered a less expensive choice. Ideally, you should always be able to switch energy providers.
However, after you pick the choice, how do you proceed with the process? To give the suppliers with a record of the energy usage, you need first take a metre reading. Make sure you are comfortable with the terms and conditions, rates, and services provided by the new supplier by carefully reviewing them.
How Do You Choose Energy Suppliers?
In this section, we explore some of the main reasons that you should consider while selecting energy suppliers.
Single- or dual-fuel
Even though most energy suppliers offer both, it’s crucial to check whether a potential energy supplier offers both gas and electricity, known as a dual fuel deal, or if they only provide one of these, known as a single fuel. If you pick dual fuel, it has the advantage of dealing with only one supplier, which is a significant aspect for many households.
However, sometimes switching your gas and electricity to two separate suppliers and taking advantage of two different offers saves a ton of money. So, it’s important to weigh the pros and cons of either option and then make the most suitable decision for your household.
Green energy
If you wish to make a positive impact on the environment, then a green energy deal might be the most appropriate one for you. Basically, green energy is generated through renewable sources like wind, solar, and biogas. Currently, a considerable part of energy is generated via renewable sources, and the figures are set to increase in the future. Hence, considering green energy deals before finalising your supplier is essential.
Customer Service
Researching customer service properly before committing to any energy supplier is important since you want to ensure that you’ll receive the best services if something goes wrong. Consumers can visit the Commission for Regulation of Utilities (CRU) website, which publishes statistics every year. These are primarily based on the number of complaints received by each supplier.
Online Services
Online account access, options for paying bills digitally, and a user-friendly mobile app are some of the most helpful tools that any supplier must offer under its online services. If you’re interested in a particular energy supplier’s app, it might be a good idea to read through the online reviews posted by previous consumers on various digital platforms. This can help you gain a better idea of the app’s functionality and user experience.
Cost
The most natural step while researching suppliers is to compare tariffs and estimate the cheapest one.
How do I switch energy suppliers?
Once you decide when to switch energy suppliers, the next question is how to do it. Switching energy providers takes a maximum of 21 days due to the Energy Switch Guarantee (ESG), which is a government-based scheme. The new provider is required to provide you with an expected date for when the switch will be finalised.
For changing your energy providers, all you need to know is your current bill, your current supplier, and a few evidence documents like proof of address and postcode.
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There are a few simple steps to switching your provider:
1 | Search for an old bill in order to get the most precise quote since you will be required to give information about your current usage and tariff. |
2 | Obtain a new quote from the energy supplier as to how much change there will be in the pricing and services. Compare this data to see if you can actually save enough money in the switchover. |
3 | Begin the process of switching by following the instructions of the energy supplier. This may take some time, and you might be asked to provide the metre readings to your new supplier frequently during the period of finalising the switch. |
4 | Clear all dues or pending bills from your last supplier to ensure a smooth switchover. If you’ve already paid in excess, make sure you obtain a refund. |
When To Switch Energy Supplier If You’re Moving?
As aforementioned, moving and shifting houses is the perfect opportunity to scrutinise your bills and services, and switch energy suppliers. Ideally, the consumer is required to notify the supplier at least two days before the move. Once you’ve shifted places, take a metre reading in your new house and send it to your existing energy provider. In case you’re continuing with your old provider, you just need to intimate them about your changed address and the date of the move.
Irrespective of whether you’ve changed your provider or not, it is advisable to take a metre reading before you leave your previous home and submit it to the existing supplier. This way, you can avoid paying any excess bill that may be charged after you leave the property.
You can consider switching energy suppliers even if you’re just a tenant. The landlords usually have a suggestion of their preferred suppliers in the rental agreement, but you can still make the decision based on personal research of the market. Although, it is to be noted that if your energy bills go via your landlord, you won’t be able to switch directly and will have to ask him to change the suppliers for you.
What happens when you switch energy supplier but then change your mind? In such a situation, you can still revert back. Owing to a legal requirement, all consumers are provided with a 14-day cooling off period for this exact reason. The period begins from the day you agree to a contract.