How to decide whether or not to switch your energy supplier

By Energy Company Numbers on February 11, 2016 in Help and advice
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Do you believe you are spending to much on your electricity?  Many people do not bother trying to change their provider because developing the required understanding to competently navigate the energy marketplace requires a great deal of time and patience to learn.  However, with a little bit of research, you may find that it is worth switching your current energy provider.

Related: How to switch your energy supplier

One thing that has recently changed in the UK is the increased number of small energy suppliers.  These more local operations can offer better deals and increase competition in local markets.  As a result, many people are finding that it has never been a better time to switch providers.  For those who have researched their local energy market and switched, many have had saving excess of hundreds of Pounds.

Am I The Only One?

One question that many UK residents have is, “Am I the only person looking to switch providers for a better deal?”  The answer to this question is a resounding no.

There have been a number of studies released that look at the number of people who switch energy providers.  A recent study released by Energy UK shows that more then 2.7 million customers moved from one supplier to the other.  Of that, roughly 41 percent of these switches were individuals moving from a larger carrier to a small, local provider.  Not only are you not the only person looking to switch their energy bill, but there are in fact so many people looking to switch that it has brought prices down across the UK and spread competitive pricing throughout the industry.

How Much Can I Save?

The amount you can save by switching your energy provider will be entirely dependent on where you live.  Your location determines the number of providers who cover your area as well as the more localized energy providers that typically offer better deals on power.  If you have never switched energy providers before, then you are looking at huge theoretical savings.

Related: Smaller energy suppliers gain customers as switchers ditch the Big Six

Some families have reported saving more then 400 Pounds a year in energy costs thanks to switching energy providers.  By spending less then an hour searching through the energy suppliers where you live, you can potentially save a great deal of money.

How Easy Is It TO Switch Providers?

The process of switching energy providers is relatively simple.  There are a number of different deals provided by energy companies in which you can choose, including fixed rates, variable rates, tariff, or term fixes.  Though switching energy providers is not as common as it was a couple years ago, many people still see it as a primary way to save and budget money.

Comparing Prices and Taking a Look at the Bill

Within the UK, everyone knows of the Big Six.  Their standard yearly bill is an amazing 1,265 pounds.  Now, compare this to smaller providers that are specialized to your area and you will see bills at or below 1,000 Pounds.  This reason alone is why many people are switching from larger to smaller providers.

When looking at your bill, there are two major things that account for its cost.  The first is a fixed standing rate charge.  The second is the price per unit used.  There are a number of ways to pay these bills, and some are better then others when it comes to cost.  The most competitively priced payment plans include those paid directly from debit.

Related: Who are the independent energy suppliers?

Whether you choose to go wit ha variable tariff where the price will go up and down with the market or a fixed rate where it will change is entirely up to you.  When looking at the history of both however, variable rates have proven to be cheaper overall.  It should be noted that although variable rates have a history of being cheaper, it may not be cheaper for you when you get your plan.  As with an decision you make regarding the energy market and your participation in it, you should take your time before making a decision.

Getting More Information

Researching the energy market and providers is the best way for you to begin the process of switching providers and saving on your bills.  There are a number of online services specifically designed to help you compare what your energy bill will be compared to other competitors in your area.

In addition to these services, the OfGem releases a great deal of information relating to the statistics behind the competitive rates offered by energy providers.  If nothing else, consider checking out the websites of the companies you are interested in switching to.  They will include information on price structures and much more.

Every moment that you are not considering switching your energy provider is a moment where you may be losing out on a great deal of money.  That is why it pays to do your research now, see if there is a better alternative, and switch if you feel like it is the best economic move for your household.

About the Author

Energy Company NumbersView all posts by Energy Company Numbers
Energy Company Numbers is a telephone number directory service dedicated to helping UK consumers keep in touch with their energy suppliers.

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