Is It Worth Switching Energy Suppliers

Is it worth changing energy supplier

You could be saving money by switching energy suppliers. This is because energy prices always fluctuate, and prices might have gone down from what you are presently paying. UK households overpay for their energy bills. As published in the Metro Newspaper, UK households have paid £800 000 000 too much for their energy bills. (Check out the report here: Metro Newspaper).

It is also estimated that up to 14 Million British household are overpaying for their gas and electric. These figures show it might be worthwhile switching energy suppliers. It’s a good idea to compare and check to see if you can save money. You can use comparison sites to see what deals are available, or go onto the sites of energy suppliers to check their deals and tariffs. Here is a list of energy suppliers:

Many people are reluctant to change energy suppliers because of a number of reasons, these include:

  • Thinking that switching energy supplier is too complicated
  • Switching energy supplier takes too long
  • It is too much of a bother and hard work
  • Do not have enough information on the benefits of switching energy supplier
  • Are unaware of exactly how much they could save
  • Thinking of switching but just never getting around to doing it

To address some of the mentioned points, it is not at all complicated to switch energy supplier. You can do the switching over process in a matter of minutes on comparison sites or sites of energy suppliers themselves. Some sites also provide you with telephone support to help you switch.

By switching your energy supplier it could reduce your bill and save you well up to a few hundred pounds a year. So, it could well be worth the effort. Save money by checking out our article: How to reduce energy bills.

How Long Does It Take To Switch Energy Supplier

It should not take more than a month for your new energy supplier to supply you with energy. You also have a 14 days cooling-off period, if you change your mind. Some companies will do it quicker. You should ask the new supplier how long it will take them.

Some companies might start the switching over process as soon as the switching over procedure is completed. Whilst some companies might wait awhile to see if you change your mind and then start the switching. There might be additional factors involved such as resources available to the company.

Frequency Asked Question

Best time to switch energy supplier

There is no perfect time to switch energy supplier, but the best time to switch energy supplier would be when you have come to the end of your contract. In this way, you will not face any penalty charges.

If you don’t know, it’s worth asking your energy supplier how much penalty you will incur for breaking your contract. Sometimes, you will still make a saving, even by paying the penalty.

Another good time, to switch energy supplier is when you are on a standard tariff. Energy suppliers might put you on their standard tariff if you have been with them a long time and you have not gone onto any particular tariff. On a standard tariff, you do not usually get the best value or prices.

You can switch at this point as you are not on any contractual agreement and you will not incur any fines. But, always check with your energy supplier, that you are not bound to any contract agreement. Switching when you are on a standard tariff is worth it as you will be saving money.

Can I switch energy supplier if in debt

If you are in debt with your energy bill for less than a month. Then that should be fine for you to switch your energy supplier. This debt should be added to your final bill from them. However, you will still need to make provision to pay this money back.

If you are in debt for longer than a month, such as non-payments of a few months’ bill, then you might not be able to change energy supplier. You can ask your supplier regarding their policy in this.

Do I have to inform my energy supplier that I am switching

If you are not in debt with your energy supplier, then you don’t have to inform them or get their consent to find cheaper energy tariffs and switch. You can use comparison sites or go to websites of energy suppliers and carry out the switching over process.

And all the switching over will be done behind the scenes by your present and new supplier. However, you should give your present supplier the final meter reading so that your final bill from them is accurate. And, you should give the same reading to your new supplier, so their initial bill to you is also accurate.

Additional information

For more information on switching energy supplier, read our article: Switch Energy Supplier For A Better Deal.

If you are struggling to pay for your energy bill, read our article: Help with Energy Bills (5 Support Available).