Trystan Casey
Changing electricity suppliers is a straightforward process that can be done in a few simple steps. It is important to compare prices and suppliers to find the best deal, and to be aware of any exit fees from your current supplier. You can switch suppliers at any time if you are on a standard variable tariff, but if you are on a fixed tariff, you may need to wait until the end of your contract or pay an exit fee. Once you have chosen a new supplier, you can sign up online and your new and old suppliers will handle the switchover between themselves.
| Characteristics | Values |
|---|---|
| When to switch | When on a standard variable tariff or at the end of a fixed-term deal |
| How to switch | Sign up online, provide address and bank details |
| Switching costs | Exit fees, call-out fees, late payment fees, etc. |
| Tariff type | Fixed, standard variable, prepayment, SEG, Economy 7, green tariff |
| Energy type | Single fuel, dual fuel |
| Energy source | Solar panels, wind turbines, fossil fuels |
| Energy supplier | Check customer service ratings, company size, brand familiarity |
| Energy usage | Check usage patterns, consider smart meter |
| Energy comparison | Use price comparison websites, consider regional differences |
| Energy switch time | 5–21 days, with a 14-day cooling-off period |
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What You'll Learn
Check your current tariff and meter compatibility
To change your electricity supplier, you must first check your current tariff and meter compatibility. This is an important step as it will determine if your new supplier can work with your current meter setup.
Firstly, you need to know what energy tariff you are on. Check your latest bill or log in to your online account with your current energy supplier to find this information. If you are on a standard variable tariff, you can switch at any time. However, if you are on a fixed-rate tariff, you may have to pay an exit fee to end your contract early. If you have less than 49 days left on your contract, you can switch without penalty. If you have more than 50 days left, you may have to pay an exit fee, so be sure to contact your supplier to check.
Once you know your tariff, you can start looking at new suppliers and their tariffs. You can use a price comparison website to find and compare different suppliers' tariffs. Not all websites show the same tariffs and suppliers, so it is a good idea to check a few different ones. You can find a list of price comparison websites on Ofgem's website. When comparing tariffs, consider your monthly household budget and decide on the best type of tariff for your usage and budget. For example, a fixed tariff might be cheaper over a whole year than staying on a standard variable tariff, but this depends on the energy prices.
Before switching to a new supplier, you should also check that your meter will work on your new tariff. If you have a smart meter, you need to check if it will work in 'smart mode' after switching. Smart mode means your meter automatically sends readings to your supplier. If you have a smart meter in prepayment mode, you will need to choose a 'prepayment tariff' with your new supplier. Not all energy suppliers offer prepayment tariffs. If you don't owe money to your current supplier, you can ask for your smart meter to be switched to credit or direct debit mode.
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Compare energy prices and suppliers
Comparing energy prices and suppliers is a great way to save money on your energy bills. The process is straightforward and can be done online in a few minutes. Here is a step-by-step guide to help you compare and switch energy suppliers:
Step 1: Understand Your Current Energy Tariff
Before comparing suppliers, it is essential to know your current energy tariff. Check your latest energy bill or log in to your online account with your current supplier to find this information. Understanding your current tariff will help you compare similar options from other suppliers.
Step 2: Determine Your Energy Usage
To get accurate quotes from potential new suppliers, you will need to provide information about your energy usage. Find your latest energy bill, which will show your usage in kilowatt-hours (kWh). You can also use a budget planner to estimate your monthly energy costs based on your household's energy consumption.
Step 3: Compare Energy Suppliers and Tariffs
Use price comparison websites to compare energy suppliers and tariffs. Reputable sites include Uswitch, GoCompare, and Compare the Market. These websites allow you to enter your postcode, current supplier, estimated usage, and preferences (such as dual fuel or electricity-only). They will then display a range of energy deals, including fixed and variable tariffs, from various suppliers. Compare the estimated annual costs based on your usage details to identify potential savings.
Step 4: Choose a New Supplier and Tariff
After comparing your options, choose a new supplier and tariff that best suits your needs and budget. Consider factors such as price, contract length, customer service ratings, and environmental impact (if that is important to you). Some suppliers offer green tariffs that use renewable energy sources.
Step 5: Initiate the Switch
Once you have found a suitable deal, confirm your switch online. Your new supplier will then handle the switch for you. They will contact your existing supplier and agree on a switchover date, usually within 17 to 21 days of signing up. During this time, you have a cooling-off" period, typically 14 days, during which you can change your mind without any penalties.
Step 6: Provide a Final Meter Reading
A few days before the official switchover date, your new supplier will request a final meter reading. This reading will be used to finalise your account with your old supplier and start your new supply. Make sure to submit the reading within the specified timeframe to avoid estimated readings and potential discrepancies.
Remember, it is essential to consider your specific needs and budget when comparing energy suppliers and tariffs. Additionally, keep in mind that energy prices fluctuate due to market conditions and wholesale costs, so staying informed about the energy market can help you make timely decisions about switching suppliers.
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Understand exit fees and switching costs
Understanding exit fees and switching costs is crucial when changing your electricity supplier. Exit fees are charged when you end a fixed-term contract with your current supplier, acting as a penalty for ending the contract early. These fees vary depending on the supplier and the number of fuel sources involved, typically costing around £25 to £30 per fuel but can be much higher, especially with longer contracts. Smaller suppliers tend to offer plans with zero exit fees, so consider exploring their options.
It's important to note that you won't incur exit fees if you switch suppliers within 49 days of your current fixed-rate deal expiring. This timeframe provides an opportunity to switch without penalty, allowing you to take advantage of better deals. However, keep in mind that switching can take up to three weeks, so plan accordingly to avoid falling into your supplier's standard variable tariff (SVT).
Standard variable tariffs are generally more expensive than fixed-rate tariffs, but they offer the flexibility to switch suppliers without exit fees. If you're on a standard variable tariff, you can switch at any time without incurring additional costs. This option is suitable if you're comfortable with switching only when your current fixed-rate deal ends.
To make an informed decision, calculate whether the savings from switching to a new supplier outweigh the exit fees. Compare the unit rates and standing charges offered by the new supplier to determine if the potential savings are significant enough to justify paying the exit fee. Additionally, consider using price comparison websites to explore different suppliers' tariffs, as not all websites list the same options.
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Notify your current supplier and provide meter readings
Once you have chosen a new supplier, you will need to notify your current supplier that you are leaving them. You will then be subject to a 14-day 'cooling-off' period, during which you can change your mind without penalty. If you do not change your mind, your new supplier will contact your old supplier to let them know you are switching.
Your new supplier will also agree on a switchover date with your old one. This date is usually 17 days after you sign up. Around five days before the official switchover date, your new supplier will ask you for a meter reading. This will be used to calculate the final bill from your old supplier. You will have until five days after the switchover date to send this meter reading to your new supplier. If you do not send a meter reading within this 10-day window, your new and old suppliers will work together to estimate your usage.
It is important to notify your current supplier of your meter reading to ensure that you are not overcharged in your final bill. You should also check whether you need to pay any exit fees for leaving your current supplier. These fees vary according to the tariff but can be incurred if you are leaving a fixed-term contract before it ends.
If you are moving house, you should give your current supplier at least 48 hours' notice before you move. They will need your new address and meter readings from your moving day to send you a final bill. Once you have moved, you should contact your chosen new supplier with the meter readings for your new property.
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Choose a tariff that suits your energy usage
An energy tariff is a plan for how much you'll pay for your gas or electricity. Tariffs include the rate you'll pay for the gas or electricity you use and a daily fee called a 'standing charge'. You'll pay this no matter how much energy you use.
There are different kinds of energy tariffs to choose from, most of which can be used with gas and electricity. To work out the best one for you, consider your budget, type of meter, and any specific needs, such as requiring more energy at night.
If you have a smart meter in prepayment mode, you'll need to choose a 'prepayment tariff', where you pay for your energy before you use it. Not all energy suppliers offer prepayment tariffs, so it's a good idea to check a few different price comparison websites. If you don't owe money to your energy supplier, you could save money by switching from prepayment to a credit tariff, where you pay for your energy after you use it.
A standard variable tariff means the rate you pay for energy changes when the wholesale price of energy changes. A fixed tariff, on the other hand, means you'll pay the same rate for your energy and standing charge until your contract ends, regardless of wholesale price changes. If you use more energy, your monthly bills on a fixed tariff will be more expensive, but you'll have the peace of mind that any market and industry price changes won't affect your budgeting.
If you have storage heaters or charge an electric vehicle overnight, a time-of-use tariff, sometimes called a multi-rate tariff, could work out cheaper. These tariffs charge different rates at different times of the day, with cheaper rates at night due to less demand for energy.
You can also consider a dual fuel tariff, where you get your gas and electricity from the same supplier and receive one bill. You can sometimes get good deals on dual fuel tariffs, and it may be easier to sort out any problems since you'll have one point of contact for both utilities.
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Frequently asked questions
If you're on a standard variable tariff, you can switch at any time. If you're on a fixed tariff contract, you can switch if you have 49 days or fewer left on your contract. If you have 50 days or more left on your contract, you might have to pay an exit fee to leave your contract early.
Compare energy prices on a price comparison website. If the quote you get is less than you're currently paying, it might be time to switch.
Sign up with your new supplier online. Your new supplier will then get in touch with your existing supplier to let them know you're switching. They will then agree on a switchover date.
Switching energy suppliers should take no more than 21 days. Soon, switches could be made within as little as five days, as the energy industry is moving towards a 'Faster Switching' model.
No, your electricity supply will not be interrupted. Your gas and electricity will come into your home through the same pipes and wires, whoever supplies it.
