If you lack confidence in the nation’s gas and electricity suppliers, you are not alone. Research reveals that confidence in the energy market is at an all-time low, with many households unnecessarily paying over-the-odds for their gas and electricity supplies. With energy prices spiralling out of control, now is not the time to throw away your cash. If you are fed up with the price of your energy bills, it is time for you to take action. To make the most of your money, separate fact from fiction before you choose to take the plunge:
Myth: The switching process will take a long time
Fact: As your electricity and gas supplies derive from the national grid, you will not have to invite engineers into your home to rip out your old meter and tamper with your pipes. Switching energy suppliers is simply a matter of exchanging paperwork, with suppliers carrying out the vast majority of the administration work on your behalf. The process of switching over usually takes around 21 working days, excluding a 14-day cooling-off period.
Myth: The switching process will leave me without electricity and gas
Fact: Your energy supply will be continuous throughout the switch, so you should not be left without electricity or gas. On your switch over date, your new supplier will request a meter reading, which it will then pass over to your old supplier so that it can prepare your final utility bill. Once you have paid off your final bill, you will be able to contact your bank and cancel your direct debit. If you were in credit with your old provider, you may need to request a refund.
Myth: The switching process will cost me money in the short-term
Fact: If you are on a fixed-rate energy tariff, you may wrongly assume that it will be costly to switch suppliers. While you may incur an exit fee, this charge is unlikely to outweigh the savings you would make from swapping to a more affordable deal. If the exit fee seems extortionate, you may wish to switch to one of the cheaper tariffs offered by your current supplier. Even if you are on a fixed-rate contract, the vast majority of energy companies will grant you the chance to switch gas and electricity tariffs without charge.
Myth: The switching process is a con
Fact: Wholesale gas and electricity prices are constantly changing, and as a result of this, energy suppliers may alter their retail prices on a regular basis. If your new energy supplier raises its prices in the immediate aftermath of your switch over, it must provide you with at least 30 days' warning so that you can change to a cheaper plan.
If your energy bills are a major concern, shopping around for a cheaper energy deal could save you hundreds of pounds. To prevent sky-high gas and electricity prices from causing you unnecessary stress and worry, compare energy rates today and determine whether you would benefit from switching to a cheaper energy supplier.
Published on behalf of Mr. Jordan Ashe. Jordan works in the energy sector. He regularly contributes insights to relevant blogs such as Lera Blog to help people better understand the UK’s position in the global energy market.