Changing energy providers has many benefits. For one, it can get you a deal that saves money. For another, it can give you a supplier that provides a more personalised experience. To top that all off, in todays digital world, switching is easier than ever. So, if you are thinking of making the big move, here is a list of some of the most important things you should know.
Getting Ready to Transfer
Starting to use a different company for your energy is all about knowing what you’re using and what you’re currently paying. It’s necessary to be well-informed because this helps you accurately compare the deal you have now with the one you could get. Being accurate is, of course, being efficient because who has time to argue with the numbers!
Collect your most current energy bills
Find your most up-to-date energy bills. These items contain vital data. It’s there you’ll discover the here and now of what you pay for your energy, in black and white and sometimes, unfortunately, in red and green.
Understand the Tariff You Now Have
Take a close look at your billing statement for all the particulars of your current rate plan. Pay special attention to any unique provisions like early-cancellation penalties or discounts that depend on you keeping your account in good standing. Also, take a look at our tariff guide to get a better understanding of what you are one and what is out there.
Your Power Consumption
Taking your energy use from the past year and turning it into an average is a vital step as it sets the baseline for every other comparison and for every estimate. This baseline will be used to set up the year-on-year percentages and will be the main tool for projecting what you can expect your energy use to be in the future (assuming the past is a reliable indicator of the future).
Your Meter Type
Determine which kind of electric meter you have: a standard, a smart, or a prepaid meter. The different types have differing tariffs. With smart meters, you may access more detailed information. For all meter types, you might have the tariff information readily available on the electric meter or online.
What do you want?
Do you want to save money, maintain a reliable budget with a steady rate, or seek better service? Or maybe you’re interested in environmentally friendly energy. Decide what you hope to gain from the change, and this decision will serve as the foundation for the rest of your search.
Get a Quote
When you have all the necessary information ready, the next critical step is to secure a quote. These day’s the easiest way to do that is through an energy comparison tool. This step is the main action and affects the sum of potential savings you could enjoy and your contentment as a customer with the new energy supplier. Here’s how to extract as much value as possible when comparing quotes.
Provide the necessary information
Enter the details you collected from your energy statement. This comprises your postal code, existing energy provider, what kind of energy you have (gas, electricity, or both), and your usual energy use over, say, a year. Check these items for accuracy; in fact, most price-comparison websites even offer “hints and tips” on how to interpret your bill, just in case. And speed is important; the more services you check, the better your chances of getting the cheapest offer.
Examine your present expenses
Take a moment to go over your current spending. Until you’ve done that, don’t go searching for any new offers. This will give you a pretty good idea of what your life is currently costing you and provide a clear, un-romanticised idea of what you should be willing to accept when it comes to change.
Examine the different sorts of tariffs
Know the variation in the types of tariffs provided. Tariffs that are fixed ensure that a particular price per unit of energy is maintained for a specific duration of time. These are the ideal types from which the user can derive the highest level of benefit in that they can guarantee the most uniform “unit” price for the energy being consumed over a set period of time.
Look at factors besides price
As you deliberate, remember that the price you pay for electricity isn’t the only important consideration. When it comes to customer service, a company’s reputation is key. Why hire a supplier that is known for shoddy customer service? Even if the rate is lower, the final sum might not be a good deal for the customer. After all, when it comes to customer service, you usually get what you pay for—whether you’re a business paying for supplies from another business, or you’re a private person who is someone else’s customer.
For people who are aware of and care about the environment, the fraction of energy derived from renewable sources can carry significant weight in the selection of one power provider over another.
Are there any penalties that we must pay for leaving the tariff early? This is the first thing that you should check before starting to look for a new gas and electricity supplier. Look at the exit fees and other charges that would need to be paid. Exit fees are fees that the current supplier charges when you want to end your contract with them before the contract’s end date. Some small suppliers don’t penalise you for leaving early. They may have different charges that we should check before paying anything.
Step 3: Making the Switch
Once you have selected a new tariff that suits you from the options provided by energy suppliers the switch is a straightforward process, but it is very important to ensure you follow the right steps; otherwise, you could be left without power, overcharged, or even billed by two different companies. Here is a breakdown of the steps you need to take.
Comprehend the cooling-off timeframe
Once you turn in your application to change supplier, there is a cooling-off period that is in place to give you time to think about it more. This is usually 14 days long, and during this time, you can cancel the switch without facing any kinds of penalties. The main reason for this rule is to give you a safe space to think about what you’re doing and to maybe even change your mind.
Your New Supplier
After the period of peaceful coexistence passes, your recently contracted provider will likely get in touch with you about what happens next. This will, in all likelihood, be your first contact with the supplier, whose representative might well be something of a suit or a business executive. As you get closer to switching, your new supplier will ask for a meter reading. This is important because it allows your old supplier to generate a final bill and ensures that your new supplier starts off accurately with its understanding of how much energy you’re really using.
Informing Your Previous Supplier
For the most part, your brand-new supplier will take care of telling your old supplier that a change is taking place. The smoothness of this switch might lessen the annoyance for you, since it means that necessary communications will not be your responsibility.
Maintain your Records
It is prudent to keep all communications and submissions made during a switch in one place. These records should include everything done and said with the new and old suppliers. Why? They can be essential if, say, one side “forgets” to send a final bill or starts a dispute without a basis in fact. And, as any lawyer will tell you, the best defence (or offence) is to have comprehensive and clear evidence of what you’ve done.
The Finishing the Move
After you have started the process of changing to your new energy supplier, you must still resolve issues that may exist with your previous supplier. This is a very important step because if not handled properly, it may leave you without the energy that you need. In this last phase, you have to work with both the new and the old supplier to make sure everything is settled. Here is what you have to do once you have been confirmed by your new supplier that all has been established on their end:
Get and assess the last invoice
Once you’ve passed your new supplier the meter reading, your old supplier will conjure an up-to-date final bill to match. You should pore over this document to make sure it’s as it should be and not a cent or penny off, charging you for power you didn’t gulp between the old and new supplier.
Settle all unpaid amounts
Make sure to pay on time if your last bill shows a balance owed. Late fees and credit score damage may be the alternative if you don’t take care of it. But what if the company doesn’t get it right? What might happen to your credit? On the flip side, when the bill says you have a credit balance, try as soon as possible to get a refund if you don’t want to leave money in their coffers. You should, in the case of either type of potential currency issue, follow up very soon after seeing your final bill.
Verify that you want to close this account
After all payments and returns have been handled, and you have nothing else to do, your old supplier should arrange to close your account. They should send you something in writing that says your account is closed. If they don’t, you need to get in touch with them and make sure they understand that you have to close your account with them.
