With soaring energy prices in recent years, for many of us it hasn’t been possible to get a cheaper deal on our energy bills. But that is finally set to change. So can you slash your bill if you switch energy suppliers? We take a look…
Find out instantly whether you can slash your gas and electricity bills if you switch energy suppliers. We’ve partnered with The Energy Shop to provide you with an instant tool for comparing tariffs and seeing how much you can save.
Fixed energy deals are returning to the market, so opportunities to save money on energy by switching could be just around the corner. And you might want to switch now if you are moving house, find your current supplier very difficult to deal with in terms of its customer service, or want a specialist tariff such as an EV tariff.
Comparing energy suppliers is easy. Use our simple tool powered by The Energy Shop that will tell you instantly whether you can save on your energy bills. You’ll just need to give some details like where you live, the type of fuel you use and how many people live in your house or flat. Then you’ll get an estimate of what you may pay if you switch energy suppliers.
Once you’ve found a deal you’re happy with you can confirm the switch and start the process of switching energy suppliers.
If you’re renting and you pay your bills with the energy supplier directly, you can switch energy supplier. But if your landlord pays for your energy use out of your rent you, your landlord will need to make the switch.
If you want to switch energy suppliers, here’s how it usually works:
For the past couple of years, most people haven’t been able to switch energy suppliers and save money on bills. But it looks like that’s finally changing. Some energy suppliers are offering more competitive deals which mean you may be able to save money on your bills. So use our handy tool powered by The Energy Shop to compare energy suppliers to see what’s available for you.
However, there isn’t a huge amount of competition from energy suppliers so you may not find a deal that’s cheaper than you’re currently paying. But if that’s the case, keep checking as deals are changing all the time.
Is a small supplier risky? If you’re worried about switching to a small energy supplier in case they go bust, rest assured that if this happens, you will be transferred to another energy supplier with a guarantee of no loss of gas or electricity supply.
What tariff is best? When you’re looking at tariff you may see fixed rates available. With these tariffs you’ll pay a fixed amount for your energy for a set period of time. You may also see Economy 7 tariffs, where electricity is charged at a lower rate from midnight to 7am. While ‘green’ tariffs, the supplier commits to generating environmentally-friendly energy.
Electric car charging: If you’re charging an electric car at home you may find you get the best deal on energy by switching to a tariff designed for people charging electric cars at home.
In previous years, switching energy supplier was an easy way to save money on your energy bills. This changed when energy prices started to increase in 2021, peaking in 2022, due to numerous factors including the war in Ukraine. Energy prices soared do high that the government introduced the subsidised Energy Price Guarantee to cap the average energy bill at £2,500 per year.
But energy prices have started falling. The Energy Price Cap from 1 January to 31 March 2024 was £1,928. This fell to £1,690 on 1 April 2024.
You can switch energy suppliers if you’ve been in debt to your supplier for less than 28 days. Your old supplier will add any owed amounts to your final bill. However, you’ll need to repay a debt first if you’ve owed money for over 28 days. The rules are different for prepayment meter customers and your supplier can’t stop you from switching suppliers if it’s their fault you’re in debt. Find advice on all of these issues on the Ofgem website.
An easy way to cut energy bills is to use less energy. For example, there are all sorts of ways you can make your home more energy efficient from installing loft insulation to fitting double glazing to replacing your boiler with a heat pump. Find out more in our How to make your home more energy efficient guide. And there are simple steps you can take to cut your energy usage like having shorter showers and switching off appliances at the plug rather than leaving them on standby. For more ideas read out Top 10 Energy Saving Tips guide.
If you switch energy suppliers and change your mind after the cooling-off period, you may need to pay an exit fee to leave your current deal.
But if you change your mind within the cooling-off period, you can:
– Move to a new tariff with your new supplier. But you’ll need to ask them what’s available.
– Go back to your old supplier. You’ll need to check if you can still get your previous tariff.
– Switch to a new provider. This would involve starting the energy switching process again.