Biggest mistakes you should avoid when switching energy providers

If you are thinking about switching energy suppliers because you are looking for a cheaper tariff or you are just fed up with your current supplier then you need to read this first. It may help you save even more on your gas and electric bills.

How much can I save if I switch?

It takes no more than 5 minutes to do a comparison if you have your latest bill or statement from your current energy supplier in hand.

Most people who switch, especially those on a supplier’s standard energy tariff can usually save hundreds. If you tend to check a couple of times a year than you are likely to be on a more competitive tariff already so the savings are unlikely to be as good unless your current supplier has decided to hike up their prices then it's time to look elsewhere.

Whilst most of the claims are backed up their data samples are usually based on 10% of consumers performing a comparison.

The only real way of seeing how much you can save is punching your numbers into an energy comparison website such as Econnex and comparing your specific circumstances.

 

I've only recently switched and my energy supplier has just increased their prices?

 

If you are on a fixed tariff the cost you pay for the tariff will not increase, however you pay a higher rate for fixed compared to variable. A variable rate can increase at any time but your supplier has to give you 30 days notice giving you enough time to switch to a cheaper tariff. Variable tariff do not usually incur exit or leaving fees.

Generally if you are switching from a standard tariff to a variable rate than any tariff increase your new supplier will announce will not usually make you worse off than you would have been on a Big 6 standard tariff.

How do I know that I've got the cheapest deal?

 

The only sure way of knowing that you have the best possible deal is by making sure that your energy pricing comparison is the most comprehensive. It means using energy price comparison sites that compare the widest range of tariffs, the larger the comparison sites tariff database the cheaper your quotes will be.

I've recently switched and was in credit with my old supplier, how long is it going to take to get my money back?

 

It depends on how slow your old energy company is but from initiating a switch until the money appears back into your bank account it can take 12 weeks on the long side.

Some are much quicker than others but the process is that once your new supplier and old supplier agree on the final meter readings your old supplier will issue a final statement.

Once your final statement has been issued your old supplier will refund any credit balance due which tends to take up to a week from this point.

I'm worried about switching, what if something goes wrong?

Once a switch is initiated there are generally no problems and the switching process is smooth.

You will however never be left without a gas or electricity supply due to the switching process.