How to Save Money by Switching Energy Supplier

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Energy companies generally report huge profits, yet they never seem to stop increasing the prices they charge consumers. Many people know that shopping around for their car or home insurance can save them money, but do you realise that switching energy supplier can also reduce household bills? The industry regulator, says that most gas and electricity customers have never switched providers. This means people could be wasting money by not hunting out a better deal.

There are thought to be tens of thousands of different tariffs available through energy suppliers, with discounted rates often available for those who take gas and electricity from the same company. So just how do you find the best deal?

Regulations forced energy firms to simplify tariff structures. But this actually increased the number of options. This means the best way to get the best deal is to use a comparison or switching site.

As with comparing insurance deals, this takes a bit of effort. Before you start find out the name of your current supplier and tariff, how much you pay and how much you use. Entering this information into a switching site will bring up the best alternatives.

But it is not always as simple as that. For starters, you must ensure that you are comparing like-for-like figures. And bear in mind that an introductory rate might not last long and the standard charges once that has ended can be a huge increase. It also pays to consider customer service and admin processes.

Then there are the different rates. Variable rates will inevitably rise. But a discounted fixed tariff allows homeowners to better budget their money. Dual-fuel deals also offer discounts.

Managing your account online and paying by Direct Debit can also bring an additional discount. Going paperless and setting up regular payments is good for your budgeting and helps you stay on top of your finances.

Furthermore, green energy tariffs are becoming more common. These are designed to reduce carbon emissions and the impact we have on the environment. Green energy comes from renewable sources such as solar and wind energy and does not use fossil fuels.

Once you have found the best deal for you then it is time to start the switching process. You can do this yourself or use an online service. There is then a cooling off period of 12 or 14 days, during which time you can change your mind without penalty. There can also be penalties and deadlines for leaving your current supplier, so make sure you know when your current contract runs out and start the switching process in plenty of time. Once the cooling off period is ended the process begins properly and it can take four to eight weeks for your new supplier to take over. You will get a final statement from your old supplier, and you will either have to pay a final balance or receive a credit.

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Source by Lyndon Miles