Find out if switching energy supplier could save you money

Find out if switching energy supplier could save you money
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We’ve seen bills rising due to hikes in gas prices, and you may well be better off staying put with your current supplier, but there are some households who can cut their bill by switching, so it’s worth checking.
Here we’ve set out what you need to know, from the types of tariffs to a step-by-step guide to switching.
Tariff. A tariff is a pricing plan that energy providers use to charge customers for their electricity and gas use. The price you pay for your energy use will depend on the tariff you sign up for, like a mobile phone plan.
Kilowatt hour (kWh). A Kilowatt Hour is the unit of energy that suppliers use to bill households for their energy use. Each energy tariff will charge customers an amount per kWh used.
Standing charge. Energy suppliers also typically charge a fixed daily fee for providing you with energy, no matter how much you use. Customers who pay by monthly direct debit will usually receive a bill listing 2 amounts: the cost of energy used and the total standing charge for that period.
We’ve set out the key need-to-knows for the different types of energy deals available, including any fees involved.
This type of energy tariff, sometimes called a standard variable rate (SVR) or “default” tariff, is one where the unit price you pay for your energy can go up and down with the energy market. You’re not locked into a contract, so if you find a cheaper tariff elsewhere you can switch without any exit fees. But these tariffs are rarely the cheapest deal.
This locks in the unit price of your energy for a period of time: 2, 3 or even 5 years. This can be a way to guard against future price increases caused by fluctuations in the energy market. However, you’ll typically be hit with a penalty fee if you want to switch before your fixed contract period is up.
This just means you’re getting electricity and gas from the same supplier. Sometimes referred to as “bundling”, dual fuel energy tariffs can be cheaper, as suppliers have even more reason to want you to stay.
Designed to encourage you to use energy at times when supply is cheaper, these charge different unit rates depending on the time of day you use energy. Economy 7 is an example. These plans charge less for energy consumed at off-peak periods, usually a 7-hour period from late at night to the early hours of the morning, hence the “7” in the name.
These tariffs are for those who have a pre-payment meter and pay in advance for gas and electricity by topping up their meter using prepay tokens, cards or a key. This is typically one of the most expensive ways to power your home.
A “green” tariff can be 1 of 2 things: Either the supplier will promise to match your usage with generation from renewable sources of energy, or it will contribute towards environmental schemes on your behalf.
This is where you’ve installed solar panels or wind turbines at your property, and the energy suppliers pay you for the energy you produce. There are no longer any new feed-in tariffs available on the market, but existing customers with feed-in tariffs can switch suppliers without losing the payments they receive from selling energy back to the national grid.
To illustrate how much it’s possible to save by shopping around for your energy supplier, here is an example of 2 dual fuel tariffs (paid by direct debit) with prices fixed for 12 months for an average home in the Birmingham suburb of Edgbaston.
These projections are based on dual fuel tariffs paid by direct debit and fixed for 12 months. Usage figures are based on typical annual domestic consumption values published by industry regulator Ofgem, as of 1 April 2020. These are 12,000kWh for gas and 2,900kWh for electricity.
The market has changed hugely in 2022, but you can check whether you can make savings by using the free, quick tool on our partner Uswitch's site.
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Although price is a huge decider when it comes to picking your energy provider, it shouldn’t be the only factor at play. You’ll want to choose the provider that’s trusted, and holds a good reputation for the way it treats its customers.
While picking from this ever-changing list can be daunting, shopping around and doing your research can help you to find the perfect option, whether you’re looking for the cheapest deal on the market, renewable energy, great online service, smart meters or a local firm.
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