While this may seem like a daunting task, it’s well worth the effort to see if you might be able to save money on your energy bills. In fact, you can use an energy comparison tool to make your job that much easier. Now’s the best time to consider making the switch to an energy supplier with lower rates. Energy prices are the lowest they’ve been for quite some time. You may be able to take advantage of the current cheap electricity and gas tariffs that are currently available.
And if you’d like to make the switch to greener energy suppliers, or find smaller providers who have better customer service compared to the Big Six, then an energy comparison tool can help you do this.
First, you’ll need to look for an energy comparison tool that is accredited by the Ofgem Confidence Code. This will ensure the energy price quotes you receive are the best and that they are legitimate.
Table of Contents
Why Use an Ofgem Accredited Comparison Site?
Ofgem (the Office of Gas and Electricity Markets) is a government regulator of the electricity and gas markets in Great Britain. When a comparison site has been accredited by Ofgem, it means the site has been found to comply with The Confidence Code, which is Ofgem’s code or practice.
This means any accredited comparison site provides quotes that are guaranteed to have been calculated without bias. In other words, you’ll receive a fair quote every time, as long as you use a comparison site that’s been accredited by Ofgem.
How to Use an Energy Comparison Site
It’s not hard to use a comparison site to check for better energy deals. Just follow these steps:
1). Enter your postcode: this helps the comparison site to find the best energy prices in your area. Energy prices vary from location to location. In addition, you’ll also need to share information about your energy use at home, so be sure to have your latest energy bill on hand.
2). The site will search for the best deals: after you enter the required information, the comparison tool will compare electricity and gas prices in your area. Then they’ll show you how much money you could save by making the switch to a new energy supplier.
3). Switch supplier: next, choose a supplier that offers the best energy deal. Then you don’t have to anything more. Just let the comparison site make the switch for you. They’ll let your old and new energy suppliers know about the switch, and let you know when the switch has been made. That’s it!
Why Switch Energy Suppliers?
The reason is that you may be paying more than necessary for your energy. About 15 million UK households are paying too much for their energy. The reason is that many of them have been put on the more expensive standard variable rate tariff (SVT) or they’ve been placed on default tariffs. This is because when your fixed rate tariff ends, most providers simply move you to their SVT. The result is that often your energy rates will go up by quite a bit.
If you’ve not checked your energy tariff in the past 12-18 months, then now is the right time to do so. You could be paying much more than you realize for your home’s energy. Switching suppliers could save you quite a bit, especially since energy rates are currently the lowest they’ve been for quite some time.
What Do I Need to Do an Online Comparison?
You’ll need this information to do an online energy comparison:
1). Your address & postcode
2). A recent energy bill (this will show your current energy rates and help improve the tool’s accuracy)
3). The name of your current energy supplier
4). How you pay your energy bills (monthly direct debit, quarterly, cash or cheque, etc.)
5) How much you pay
Which Tariff Should I Choose?
When using a comparison tool, it will show you several different energy deals. You’ll be able to compare these results and choose the best deal for your circumstances. Here are the types of tariffs you’ll be able to consider:
Fixed tariffs: this type of tariff offers a fixed rate that is set by a contract, which usually covers about a 12-24-month period. During that time, you won’t be able to leave the contract without paying a fee. However, the benefit of this tariff is that you’ll be paying the quoted rate for the period of the contract. You won’t have to worry about rates changes caused by fluctuations in the energy market. This type of tariff is usually the cheapest and help you better to manage your budget.
Standard variable tariffs (SVTs): with this type of tariff, you’ll usually have a “looser” contract, but you’ll also have to deal with changes how much you pay for energy. This is because the tariff is variable and is determined by fluctuations in the energy market. This means that your energy prices will change as often as the market price of energy changes. You may save money when the prices go down; however, just the opposite will be true if energy prices increase dramatically. Then your household energy bill will go way up. This makes it much harder to stick to your household budget and you could end up paying more than necessary for your energy.
Multi-rate tariffs: you pay less for energy used at night, which is great for those who work night shifts and aren’t at home using energy.
Prepayment tariffs: these run on a meter, and usually require that you pay upfront for your energy use. You’ll also need to top up when you use more energy. These tend to be more expensive.
Green tariffs: these tend to be more expensive, but the energy comes from renewable sources.
Dual-fuel tariffs: are provided by suppliers if you buy both gas and electricity from them.
How Do I Know If I’m Getting the Best Energy Rate?
You can easily check to see if you’re receiving the best prices from your current energy supplier. Just read your energy bill and pay special attention to a section that says something like this, “Could you be paying less?”
Look in that place and see if your tariff is the lowest or not. If not, then you may benefit from using an online comparison tool to find an energy supplier with cheaper rates.
You can also check to see if any energy suppliers are offering incentives to switch to them. Some suppliers offer free credit upfront when you make the switch. In addition, green suppliers may offer environmental deals such as planting trees on your behalf or offsetting the carbon footprint of your gas use.
How Does Switching Energy Suppliers Work During the Pandemic?
You don’t need t worry about anyone coming to your home to make the switch. The switch is all done contact-free. You’ll just need to read your meter for the switch, and the new supplier will take care of everything else.
And you don’t have to worry about being cut off during the switch. Everything is done in such a way that you won’t lose power or gas, even during the Covid-19 pandemic.
