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Switch energy suppliers to save money

Switch energy suppliers – Save money

In February 2016, two giant energy suppliers, British Gas and EDF, cut their prices. This followed a raft of reports in the media that countless families were simply paying too much for gas and electricity whilst saddled with standard tariffs.

A standard energy tariff – whether it be for gas, electricity or water – can be a real killer. It’ll sit there, amongst your list of Direct Debits, silently eating away at your income and taking larger portions from it as time draws on.

And there’s the rub: if you languish on the same tariff for too long, you’ll end up paying through the nose for the privilege of heating your home and making sure the lights don’t go out. Happily, there’s an easy way out – you just need to switch.

According to Which?, the average saving consumers make when switching gas or electricity is £301.

Don’t be a lazy energy customer. Here’s how you can switch suppliers and save money.

Pre-switch checks

Before switching energy suppliers, you need to perform three important checks:

  • Talk to your existing supplier. Can they offer a better deal before you look elsewhere? Most will do what they can to retain you as a customer.
  • Ensure there isn’t an exit fee on your account if you terminate your contract early. If there is, it could negate the benefit of switching.
  • Check that you’re not in debt with your current supplier. If you’ve built up arrears on an energy bill, you’ll find it very tricky to switch.

Ready to switch? Let’s get cracking…

How to choose the right tariff

Consider the type of tariff that best fits your lifestyle and requirements. It may be one of the following:

  • The cheapest
  • The most environmentally-friendly
  • The most flexible, allowing you to get out at any time
  • Fixed-price (easier to budget for, but you pay overpay on occasion)
  • Variable (you’ll only pay for what you use)

Go for the tariff that best suits your mindset and budget.

Time to switch!

Switching energy suppliers is much simpler than you may think. There are plenty of comparison websites to choose from, but Citizens Advice offer a great tool for doing so.

There are usually 4 simple steps you must undertake when switching:

  • Compare suppliers.
  • Choose the tariff which best suits your requirements and speak to the new supplier. They’ll set up the switch for you.
  • Take a meter reading on the day of the switch and give it to your new supplier.
  • Pay the final bill from your old supplier (or receive a refund).

You’re done!

Summary

The great thing about switching energy suppliers is that it takes next to no time and there is no upheaval or gaps in service. You just switch, and save – it’s that simple!

The switching process can take up to 3 weeks, but your new supplier should keep you fully updated throughout the process. Just make sure you make your final task to cancel that old Direct Debit payment!

Eager for more money saving tips? Discover these 6 brilliantly simple tips for lowering the cost of your water bill.

 

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