We’re going to assume you’ve done your research and know the difference between the two. While it might be easier to connect electricity and gas from the same place, it can also end up being more expensive in the long run. Switching energy providers can be an intimidating process, but once you know what you need to do, it can be over in a matter of hours.
Rather than staying with your current energy company, why not switch? In this new era, your gas and electricity supplier is just as important as the website you use or the products you sell. This is a process every business should consider, especially if they haven’t switched in a while.
All you need to switch is your postcode and your recent energy bill. Thanks to trusted comparison websites, the whole thing should take just a few minutes, making this process easy for consumers. Let’s explore more.
Content to explore
- When’s the best time to change energy suppliers?
- What do I need to switch?
- When can I switch energy suppliers without penalty?
- How to switch energy supplier
- How do I compare energy prices?
- Transition period
When’s the best time to change energy suppliers?
If you’ve never switched your energy supplier or moved from the default standard variable tariff, then the time to compare deals and switch is now. Otherwise, any change in circumstances – from coming to the end of a fixed-term contract to moving home – provides an excellent reason to switch your energy supplier (and gas, too, if applicable).
If you’ve remained loyal to the same supplier for more than a few years, then changing energy suppliers is hugely likely to save you a significant sum. You might be able to find a cheaper deal than the one you’re on now, but be careful. If you’re on a prepayment meter or smart meter, you can still switch using an Ofgem-rated comparison website.
What do I need to switch?
The process will run much more smoothly if you collect the following bits of information first:
- Your name
- Your address and postcode
- The name of your current gas and electricity supplier
- The name of your plan/tariff
- The amount you spend on gas and electricity
- Your bank details
Once you have all the info, you can begin. But before that, gather up your invoices and any other relevant information from your utility company or current supplier.
When can I switch energy suppliers without penalty?
You must check your current tariffs for a reliable energy supplier to see if any exit fees apply should you decide to terminate your contract with them. For example, there should be no penalty if you remove your warranty if you’re on a standard variable tariff. Be careful, though: if you’re on a fixed-term plan, an exit fee may be applied (typically £30-£60 per fuel).
How to switch energy supplier
- Visit an energy price comparison website
- Enter the requested information
- Compare your options
- Select your supplier and tariff
How do I compare energy prices?
When you are offered a long list of results, comparing energy prices can seem like quite a daunting task. Use the filters on sites to narrow down your search further, compare plans with no exit fees, or hide everything but fixed-rate plans. This usually helps reveal the cheapest deals on offer.
Transition period
You’ve selected a supplier and sent over your information to start the switch. What happens next? You enter a transition period while your details are processed and your new supplier arranges the switch-over. It’ll get in touch to confirm a date, which can take up to 21 days. There’s no disruption to connect electricity and gas service during this period, and there’s no need for an engineer to come and fix new cables or pipes.
Conclusion
There you go. Switching suppliers can be a pain, but it’s worth it. You have a 14-day cooling-off period to back out of your switch without any penalties. Talk to your new supplier first to ensure you’re still interested before canceling your old contract. Keep an eye on the cheapest energy plans to avoid losing out on a good deal. Follow all the instructions carefully for better switching.
