A guide to switching energy suppliers
With such high energy prices and uncertainty currently, it’s important to make sure you’re getting the best possible deal and service with your gas and electricity supplier. So how exactly do you switch energy suppliers? Here's our guide.
With such high energy prices and uncertainty going forward, it’s important to make sure you’re getting the best possible deal and service with your gas and electricity supplier.
It’s always worth checking the marketplace to see what different energy suppliers are offering, and if there’s a better deal for you, it’s definitely worth considering switching to another supplier.
How do I decide whether switching is worth it?
Clearly, the main factor when considering an energy switch is the potential savings you could benefit from - which is even more important considering the ongoing energy crisis. So, even though it may take some effort, it can pay dividends to put in the work - especially if you’re on a standard variable tariff, which can be the most expensive option.
How do I switch energy suppliers?
So, how exactly do you switch energy suppliers? Here are a few steps…
Check the marketplace
Once you’ve decided that now might be time to look for another energy provider, the first thing to do is check what deals are available with other suppliers. In order to do this accurately, you’ll need to look at your most recent bill and check how much energy you’re using and what your current tariff is.
If you’ve got a smart meter, this can really help with getting accurate data. With this information, you can then easily compare and even forecast your bills with other suppliers based on their tariffs and rates.
Price comparison websites are a great place to compare several suppliers and their different tariffs alongside each other at once, so you can see who offers the best deal for your particular needs.
Fuel types & tariffs
You may currently have different suppliers for your electricity and gas service. When looking to switch providers, you may want to consider using one energy supplier for both gas and electricity if the deal is right. Regardless of whether you go for “single fuel” (just gas or electric) or “dual fuel” (both gas and electric), selecting the correct tariff for your needs will be important.
You’ll need to decide whether a fixed tariff or variable tariff suits your needs. A variable tariff typically tends to cost more as it doesn’t protect you from an increase in prices. Although it can go down and be cheaper at times, when energy prices go up, it increases your costs and it’s usually at short notice. Fixed tariffs enable you to lock in a price for the duration of your contract (normally for twelve months minimum), but if energy prices fall, you won’t benefit from the reduced cost.
Start the switching process
Once you’ve found a new deal, and are happy with the deal offered by your new energy supplier, the new provider will notify your current energy provider and take care of this process for you.
How long does switching energy suppliers take?
The typical timeframe for switching to a new supplier is around 21 days. Most suppliers are part of the UK government’s Energy Switch Guarantee (ESG), which guarantees this timeframe.
Will there be any disruption to my energy supply?
Another aspect of the Energy Switch Guarantee is that there will be no loss of supply when switching. In fact, on the actual day you switch suppliers, everything will run as normal. Easy.
Factors to take into account when switching
There are a few factors to consider when switching energy supplier - let’s look at those now.
Exit fees
If you choose to switch to another supplier whilst under contract, you’ll most likely have to pay an exit fee. Typically, if you switch within the last 49 days of your contract coming to an end, you will not be liable for a fee. However, switching more than 49 days from the end of your contract will mean paying that pesky exit fee.
If the exit fee you pay is more than your potential savings, it may be worth waiting until the end stages of your contract before making the leap.
Customer service
For many customers, it’s not just about finding a better deal. Customer service standards aren’t what they used to be, and for many people finding a supplier who offers good customer service is a priority, even if they aren’t necessarily the cheapest.
Cooling off period
Just in case you feel that you would rather stick with your current supplier after deciding to switch energy suppliers, the 14-day cooling-off period will apply, so you can cancel without worrying about incurring any costs or being committed to a contract.
Switching when in arrears
If you owe money to your current energy supplier, you’ll have to settle this with them before you’re able to switch over to your new supplier. If your debts are less than 28 days “overdue” then you can still switch over before settling, as this amount simply gets added to your final bill.
Summary
Switching energy suppliers can seem like a confusing and admin-heavy task, but as we’ve seen, once you’ve chosen a new supplier, it’s a relatively straightforward process; your new supplier takes care of everything.
The main thing to decide is whether a switch will be of benefit to you, and then whether it’s worth paying exit fees. Once you’ve decided on this, have a look at some price comparison websites to see what energy suppliers are offering you. Some suppliers even offer packages or bundles with appliance protection and smart devices to monitor your energy free of charge. Then, when you’ve found the right supplier for you, just get in touch with them, complete the account setup, and let them take care of the rest.
Alternatively, if you’re moving home soon, using a service like ours at Just Move In can streamline your moving process while getting you the best deal on energy. We only recommend 100% renewable energy suppliers and can help you decide on the best package for your specific needs. Learn more about how we can help here.