Switching energy suppliers can be a great way to save money on your gas and electricity bills.
However, to ensure a smooth transition and maximize your savings, there are several steps you need to follow. In this article, we will guide you through what to do when you switch energy suppliers, including how to check your current tariff, compare new deals, and manage the switching process.
Check Your Current Energy Tariff
Before you switch energy suppliers, it’s crucial to understand your current energy tariff. This will help you compare new deals more effectively. Here’s how to check your tariff:
1. Review Your Latest Bill
Check your most recent energy bill to find details about your current tariff. Look for information such as the tariff name, rate, and any additional charges. This information will be useful when comparing new tariffs.
2. Log in to Your Online Account
If you have an online account with your current supplier, log in to access detailed information about your tariff. Most suppliers provide comprehensive details about your energy usage, billing history, and contract terms.
Compare New Energy Tariffs
Once you have all the necessary information about your current tariff, it’s time to compare new deals. Here are some steps to follow:
1. Use Comparison Tools
Online comparison tools can help you find the best energy tariffs available. Enter your usage details and preferences to get a list of suitable options. For a detailed guide on comparing tariffs, visit our article on how to switch energy suppliers.
2. Consider Different Tariff Types
There are several types of energy tariffs to consider:
- Standard Variable Tariff: This tariff can change based on market conditions. It offers flexibility but can be more expensive.
- Fixed Tariff: This tariff locks in your rate for a set period, providing stability and protection against price hikes.
- Duel Fuel Tariff: This option allows you to get both gas and electricity from the same supplier, often at a discounted rate.
- Green Tariff: These tariffs provide energy from renewable sources, which can help reduce your carbon footprint.
Understand Exit Fees and Contract Terms
Before switching, it’s important to understand the terms of your current contract, especially any exit fees that may apply:
1. Check for Exit Fees
If you are on a fixed tariff with your current supplier, check if there are any exit fees for leaving the contract early. These fees are usually waived within 49 days of the contract’s end date. Timing your switch correctly can help you avoid unnecessary costs. For more insights on timing, see our article on when is the best time to switch energy suppliers.
2. Calculate Potential Savings
Even if you have to pay an exit fee, you might still save money by switching. Calculate the potential savings from the new tariff and compare it to the exit fee to determine if it’s worth making the switch.
Initiate the Switch
Once you’ve chosen a new tariff and checked the terms of your current contract, it’s time to initiate the switch. Here’s how:
1. Sign Up with the New Supplier
Contact your new supplier and provide the necessary information to start the switching process. This typically includes your name, address, current supplier details, and energy usage.
2. Cooling-Off Period
After signing up, you’ll enter a 14-day cooling-off period. During this time, you can cancel the switch without any penalties if you change your mind.
3. Provide Final Meter Readings
When the cooling-off period ends, your new supplier will request final meter readings. These readings ensure accurate billing from both your old and new suppliers.
Monitor the Transition
To ensure a smooth transition, keep an eye on the process and follow up if necessary:
1. Confirm the Switch Date
Your new supplier will provide a switch date. Make a note of this date and ensure everything is set up correctly.
2. Review Your Final Bill
After the switch, review your final bill from your old supplier to ensure it reflects the correct meter readings and any final charges.
Frequently Asked Questions
Can I Switch If I’m on a Fixed Tariff?
Yes, you can switch if you’re on a fixed tariff, but be aware of any exit fees. It’s often best to switch towards the end of your contract to avoid these fees.
Will My Energy Supply Be Disrupted?
No, your energy supply will not be disrupted during the switch. The transition is seamless, and you will continue to receive energy as usual.
How Long Does the Switching Process Take?
The switching process typically takes around 17 to 21 days, including the 14-day cooling-off period. For more details on the timeline, visit our guide on how long it takes to switch energy suppliers.