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A Switchers Guide To Switching
The Three Steps To Saving When You Switch
To make the process of switching as simple as possible we’ve devised a three step guide to making the change :
- Use our energy provider comparison guide to identify the supplier that best meets your needs
- Make a note of any meter readings and also have an idea of your present usage if you know it.
- Sign up online for your new supplier. Most providers have special online offers which give further discounts.
Thats it! Your new supplier will then contact your old supplier to initiate the transfer of account and the whole process is underway. The transfer itself tends to take on average around four to six weeks. Of course, you will need to have a final bill from your old supplier which is where the meter reading comes in. Give them a call to inform them of the meter reading and they can the generate the final bill and close your account.
What’s exactly is on Offer?
With the profusion of deals available from the main suppliers it can be a daunting task to extract what is actually of benefit to you and what is effectively marketing spiel. The UK energy market is fiercely competitive and one of the only industries where it is common practice to slag off the competition as your main marketing message! The main UK suppliers are constantly trying to out-do each other which is great news for the consumer in terms of getting a competitive deal but not so great when these ‘deals’ are constantly evolving, changing and are available only for limited periods. A common pitfall is to opt for a supplier with a time sensitive offer which then reverts to more unfavourable terms after an initial period.
We only feature the energy providers on our website that we feel represent the best current consumer offers available therefore, doing most of the hard work for you by cutting the wheat from the chaff. There are other energy comparison sites available that attempt to evaluate the whole market but this is rather a tall order when often you are not comparing ‘apples to apples’ and thereby adding to the confusion.
Another word of caution is that if, like 14% of other UK households you use a prepayment meter for gas or electricity many third party websites offering a ‘switch online’ feature do not cater for prepayment customers – they only work if you pay by direct debit. Pre-payment customers are better off making their selection by using the comparison tools and reading reviews on our site then going through to the providers website and signing up online.
The main selling point that all of our chosen providers have in common is the ‘protected price deal’. These deals offer a static price for a predetermined period and in our opinion represent the best deals for consumers as they are clear and easy to understand and allow households to budget accordingly without the fear of an unexpected price rise. The fixed deal tend to come in three different options :
Standard : This is a set price for a set period say, until March 2009. This is great in terms of transparency of pricing but a word of caution. Prices can go down as well as up so on this option you could end up paying more if the price drops below your ‘fixed’ option. To a certain extent you are very much hedging your bets as to future gas and electricity prices. Having said this, it a similar principle to a fixed rate mortgage. If you’re happy and comfortable with the fixed price then this security aspect may well outride any loss of sleep over paying slightly over the odds if prices fall. Worst case scenario, if wholesale gas prices fall and you find yourself stuck in a standard fixed price deal in which you’re paying over the odds – you can always switch again!
Capped : This often represents a better option than the standard deal as with a capped offer the supplier agrees not to raise prices beyond a certain point for a fixed period, however, if prices drop during this period then the consumer will also enjoy the benefits.
Fixed and Fall : This is a combination of the other two, currently offered by British Gas, whereby prices are fixed for a set period and then guaranteed to drop at the end of this period.