How to save money by switching energy supplier

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Every home should feel like an eco oasis, and it can be done by saving energy. Here’s how it can be done.

Switching energy suppliers is one of the smartest ways to save money on your gas and electricity bills. It’s a lot simpler than most consumers think and takes very little effort on your part as the supplier will manage the whole switching process for you.

We have created this step by step guide which shows you how to switch energy supplier and start benefiting from cheaper gas and electricity.

What information do I need to switch energy company?

To switch your energy company, you will need the following: your postcode, a copy of your most recent energy bill or annual statement and an estimated 10-15 minutes of your time. For those that want to pay for their bills via Direct Debit, your bank account details will be required to set up this payment method. It’s useful to know that this is the cheapest way to pay for your gas and electricity supply.

Don’t panic if you can’t find your latest energy bill or annual statement. You will be able to see an estimate of how much energy you consume by answering a few basic questions about your household.

You should now have the above details ready. The next step is to head on over to one of the many price comparison sites that can be found online. Here are the four steps you will need to follow once you’re on one of these sites.

Step 1: Enter your home postcode

Enter your postcode and select your home address from the drop-down menu. Prices for gas and electricity are set on a regional basis. This means that not all suppliers and tariffs will be available to you. By entering your home address, you will only be shown deals that are relevant to you.

Step 2: Enter your current energy usage

Next, the online comparison site will want to know how much energy you currently consume. This will allow it to determine how much you could be saving when you switch energy company. Your usage details can be found on your latest bill or annual energy statement. If you don’t have this information to hand, an estimate can be provided by answering a few basic questions about your household.

Step 3: Choose your new energy tariff

Did you know that there are currently more than 55 energy suppliers in the UK? This competition helps drive down the price of gas and electricity but has the drawback of making your decision a little more difficult. Fear not as the comparison site can filter deals based on what you are searching for. It will be able to sort tariffs by lowest price first; a great way to quickly see how much you could save by switching energy companies.

Those that want to narrow down their results even further can do so. Other factors that may be important to you in addition to price may include the following:

  • Green tariffs that use sustainable energy
  • A tariff without an exit fee
  • Various contract lengths (12, 18 or 24 months)

Step 4: Confirm your energy switch

The final step when switching energy suppliers is to confirm your switch. To complete this, you will need to provide your contact details and payment information.

That’s it! You have now completed the process. Your new supplier will contact your previous supplier to arrange a switchover date.

Here are answers to some of the most frequently asked questions after making the switch.

Will my gas and electricity supply be interrupted?

No matter what energy company you choose, your gas and electricity supply will not be interrupted whatsoever. In fact, it will continue to run as normal. The only real change you will notice is that a new energy supplier will now send you a bill and your unit rate will be altered to reflect the tariff you have chosen.

How long will the switch take?

Comparing energy prices and confirming the switch online can take up to 15 minutes. The actual switch normally takes around three weeks. During this period, your new energy supplier will manage the transition for you behind the scenes. If you do change your mind, there is a 14-day cooling off period.

Will I hear from my new energy provider?

The energy company that you have switched to will send you a letter and welcome pack in the post within a few days of the switch. This highlights the terms and conditions that you have agreed to, it includes information about your new tariff.

They will request that you take a meter reading. This will be forwarded to your old supplier to allow them to calculate your final bill.

In summary, comparing and switching energy companies is easy and simple with the help of an online comparison site. The new energy supplier will manage the whole process for you.

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