Protect yourself from rising energy prices. Let us help you switch today
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The cost of energy remains a topic of concern. As of October 2024, households can expect a 10% rise in their energy bills, equating to an average increase of £12 per month, according to the latest Energy Price Cap rates announced by the energy regulator Ofgem. While this marks a 6% decrease compared to the same time last year, energy bills remain significantly higher than pre-energy crisis levels.
The energy price cap is a regulatory measure designed to protect consumers from excessively high energy prices. It sets a limit on the maximum amount that energy suppliers can charge for standard variable tariffs, providing a safeguard against unfair pricing practices. The cap aims to ensure that households pay a reasonable rate for their gas and electricity, promoting affordability and reducing the risk of energy poverty. The good news is, despite the turbulence in the energy market, it is still possible to switch as more tariffs become available and the price of energy starts to fall further.
Utility bills make up a sizeable chunk of household expenditure for most of us. With gas and electricity prices rising year-on-year, it’s more important than ever to find a way to cut costs down.
By far the quickest, easiest, and most effective way to reduce what you spend is to switch to a new, cheaper tariff (or tariffs). Use our comparison engine to find out how much you could save by switching to a new supplier today – it’s free, only takes a few minutes, and you’re not committing to anything by comparing. Best of all, you could save hundreds of pounds off your annual bill!
Most newer-build properties nowadays only use electricity, so owners don’t have to worry about getting a gas tariff at all. But those of us with both gas and electricity supplied to our home need to make a decision: get both fuels from the same supplier, on the same tariff, or take out two separate contracts.
Taking out a dual fuel tariff (with both gas and electricity from the same supplier) is definitely the simpler option. You’ll only have to pay one bill, and deal with one supplier – making your life a lot easier. And most of the time you’ll get a better price when you get both fuels together. This isn’t always the case though. If price really is the most important factor for you when choosing a new deal, then it’s worth comparing dual fuel tariff prices in your area with the price of two separate single fuel tariffs just to make sure.
With a fixed rate tariff, the price per unit of your gas or electricity is set in stone for a set period (typically between one and two years). Of course the actual amount you pay will depend on your usage, but you’ll be safe in the knowledge that at least that’s the only variable. You’ll be safe from any price hikes and while you also won’t benefit if prices drop, this doesn’t happen particularly often anyway.
Generally speaking, fixed rate tariffs mean lower prices, as well as security and predictability, and so are almost always the better option – though this isn’t always the case! Some suppliers, like Bulb, only offer a variable rate tariff, but it’s still cheaper than many other deals on the market – including many fixed rate deals.
The price per unit on a variable rate tariff will fluctuate in line with wholesale energy prices, as well as any changes in running costs for suppliers which might result from policy changes, for example. In practise, suppliers tend to be much more inclined to pass on price rises than any price drops to customers.
The most common variable rate tariffs are default, or standard variable tariffs (SVTs). These tariffs, which customers end up on after fixed rate terms end, or when they move into a new property, are responsible for a significant portion of overcharging in the energy market. SVTs are invariably the most expensive tariffs offered by any supplier, and yet a large percentage of customers are signed up to them.
You could be on a standard variable tariff if:
If you’ve never switched before, it can seem a bit overwhelming. With a lot of different tariffs from a lot of different suppliers to choose from, and seemingly lot of information to take in, it can be tempting to just leave it and stick with what you’ve got.
But it really is a lot more straightforward than you might imagine. Here are a few key things to look out for when you do start comparing gas and electricity tariffs:
Since everyone’s usage is a bit different, it can be hard to properly judge the cost of any given tariff. Ofgem (the energy regulator) now make every supplier show what’s known as a Tariff Comparison Rate, or TCR, for each tariff. This gives you an estimated cost per unit (per kwh, or kilowatt hour) that includes any extra charges based on average usage so that you can easily compare one deal with another. The price indicated by the TCR is not final (as it will ultimately depend on your usage) but it will be uniform across different tariffs, making the comparison itself simple.
If you’re on a fixed rate deal, and you choose to leave it before the set term is up, you’ll almost certainly be liable to pay exit fees to the supplier. The value will vary from supplier to supplier, but will typically be around £30 per fuel. Bear this in mind when you are comparing prices – if your prospective annual saving with a new supplier is £50, but you’re paying £60 to leave your current deal, then it’s probably worth waiting until the end of the term.
If you’re on a variable rate tariff, then you won’t have to pay exit fees. Additionally, some suppliers will offer to pay your exit fees for you if you switch to them, so keep an eye out.
Most contracts are between 12-24 months so consider how long you want to be locked in for, how much it will cost you and the state of the energy market. If you have found a good deal, within budget and energy is cheap then a longer term could be a good idea for a fixed rate tarrif. However, if energy prices are high and costing you more than you would like, it may be worth opting for a shorter tariff, or even a variable tariff, and waiting for the market to pick up again.
Your direct debit amount is not necessarily the cost of the energy you will use each month, rather a price based off your estimated usage. The amount your bills will come out at each month may differ, so its important to base your decision off unit rates and standing charges as you may end up with a higher bill if you base it solely off the direct debit amount and go over your estimated usage.
Climate change is a big issue nowadays. As such, a lot of customers are more and more keen on reducing their carbon footprint, and opting for an energy supplier who uses only or mostly renewable fuel sources is a great way to do this. Some suppliers, such as Bulb, Co-operative Energy, and Ecotricity, offer completely renewable energy.
We’ve put together a comprehensive list of FAQ’s and guides with all the information you’ll need to make an informed energy switch and how to ensure your energy bills stay low.
The biggest reason to compare energy suppliers is that doing so could result in saving you a lot of money on your gas and electricity bills. It is completely free to run an energy comparison and it only takes just a few minutes. Here at Simply Switch we offer a free and impartial comparison service that will show you all the best deals around at the moment. We also show you all the customer service ratings of each gas and electricity company. This means that you can see how other customers have enjoyed their experience with that particular supplier.
The cheapest gas and electricity supplier available to you will depend on your location and your energy usage. This means that there is no one company that offers the lowest rates to all people. What is more important is how well each energy plan that you consider will fit into your lifestyle and your energy demands. Here at Simply Switch we can show you all the best deals that are suited to you. We do this by asking you for a little bit of information about how much energy you normally use. This means that we can tailor the search to find plans that specifically suit your needs.
Many people believe that switching energy supplier is a long and drawn out process. This could not be further from the truth. Once you decide to switch energy supplier through our website, we take care of the rest of the hassle for you. We will contact your old supplier and let them know that you’ve decided to switch. We will also contact the new, cheaper supplier that you have decided to move to and let them know you’ll be coming aboard. We do all of this at no extra cost to you. The energy companies pay us a small commission for each new client that switches through us but none of this cost will be passed on to you.
Many gas and electricity suppliers offer discounts for customers that purchase both their forms of energy through them. These types of deals are known as dual fuel deals and they can be a great way to save money on your gas and electricity. However these deals aren’t always the cheapest, it often depends on what type of energy user you are and what energy requirements you have. This means that it is important for you to carry out a price comparison. If you do this, then you’ll be better placed to find a plan that suits you and that can also save you money on your gas and electricity supply.
Using a prepayment meter is usually not the cheapest way to pay for your gas and electricity. Prepayment meters are typically used by people who have had problems paying their energy bills in the past, who have been in high levels of debt or by those who live in rental properties. But you can still save money on your gas and electricity bills by doing a quick price comparison with us – many suppliers offer cheap energy deals for those on prepayment meters. We can also help to you to save money by switching to a cheaper tariff with a traditional meter or smart meter.
If you’re concerned about our damaging impact on the environment, you may be thinking about switching to a green energy tariff. All the Big Six energy suppliers now offer 100% renewable energy tariffs, and many smaller suppliers exclusively offer green deals. And while they used to be more expensive than your average energy deal, prices are a lot more competitive these days. Use our price comparison service to get a list of green energy deals available to you and see how you could save money as well as the environment.
In a word, no! Your gas and electricity will continue to run if you switch suppliers using Simply Switch, so the only thing to consider is your potential savings. The reason there is so little hassle to switching energy suppliers is that the gas and electricity themselves come from the national grid, and their route to you won't change if you switch suppliers. The only difference is the payment recipient, so no need to stress about going a day without the kettle, oven or TV!
If you're on a fixed term plan it's a little more complicated. You can switch supplier during your contract, but you're likely to incur an exit fee. This can be sizeable in some cases and may negate the savings you'd make by switching! It's worth checking with your supplier to work out your exit fees. An exception to this is if you are in the final 49 days of your contract. Ofgem rules that within this window suppliers can't charge exit fees, so this is the best time to switch supplier.
The vast majority of energy suppliers are signed up to the Energy Switch Guarantee which ensures that your energy changeover will take no more than 21 days. This includes all of the “big six” energy suppliers.
At the other end of the timeframe, legally suppliers are obligated to allow a 14-day cooling-off period from the signing of any new contract. In practice this means they will usually wait until this 14-day period is up before beginning the switch.
So you can generally bank on a switch being over between 14 and 21 days from signing a new contract. It could take longer in some unusual circumstances such as when suppliers have difficulty obtaining meter readings or if you've had debt problems with previous suppliers.
We’ve put together a comprehensive list of FAQ’s and guides with all the information you’ll need to make an informed energy switch and how to ensure your energy bills stay low.