Can I switch energy suppliers?
If you’re unhappy with your current energy supplier, you have the option of switching to a different one, which could save you money. How easy this process is will depend on your current plan. Flexible tariffs sometimes allow you to cancel and switch at any time, but fixed rate tariffs are more likely to mean you’re locked into your deal for a set period. You may have to wait for this period to end before switching, or pay a fee to leave your contract early.
Should I switch energy suppliers?
Switching energy suppliers is one of the quickest and easiest ways to save money on your gas and electricity bills, but there are a few factors to think about before jumping into a new deal.
- Savings: Even if you’ve switched recently, or you’re happy with your current supplier, it’s always worth looking at new deals regularly as prices are constantly changing - meaning it’s likely you could save even more by switching again. However, if your current deal is better than other offers out there, it may be best to sit tight for a while and check back again in a few months.
- Flexibility: Entering into a fixed price tariff energy deal may give you a better price, but consider whether you’re happy to be locked into your package for a year or more. Always make sure you’re happy with your policy terms and check the small print to make sure you won’t be negatively affected by energy prices increases in the future.
- Flexibility: Entering into a fixed price tariff energy deal may give you a better price, but consider whether you’re happy to be locked into your package for a year or more. Always make sure you’re happy with your policy terms and check the small print to make sure you won’t be negatively affected by energy prices increases in the future.
Why is energy so expensive now?
Energy prices increased significantly during the pandemic and, while they have now fallen, households are still paying more for their energy than they did before the increases began. Factors such as inflation, supply chain issues and increased demand have all affected wholesale energy prices and, in turn, the amount you pay for your energy, contributing to the wider cost of living crisis.
The government has instated various Energy Price Caps over this period to keep costs at a more acceptable level. However, this doesn’t mean that your bill can’t be higher than the cap, it simply acts as a guide for energy suppliers as to how much they can charge for energy. The amount you have to pay will always depend on how much you have used.
Is it worth switching energy suppliers?
For a long time, there was very little difference between the prices offered by different gas and electricity suppliers, meaning there was little point in switching. But that’s no longer the case. While there isn’t as much variation in prices as there once was, more suppliers are now offering fixed tariff deals that could significantly reduce the cost of energy for some households. Whether it’s worth switching suppliers will depend on the tariff you’re currently on and your ongoing needs, but it’s always worth comparing energy prices to make sure you’re getting the right deal.
How to Compare Energy Prices and Switch Suppliers
Comparing energy suppliers is a no brainer - it’s simple, doesn’t take long, and you could end up saving hundreds. Our free and impartial comparison service here at Money Expert is easy to use - all you need is your postcode and details of your current tariff (don’t worry if you don’t know exact details, we can generate estimates).
The whole process only takes a couple of minutes and at the end, we’ll show you a list of the available tariffs in your area, along with the amount you’d save if you switched. You’ll also be able to see customer ratings for each supplier, so you’ve got all the information you need to work out which one to switch to.
What will happen after I switch?
You’ll be able to carry on using your gas and electricity after you switch as normal. Once the switch is complete, you’ll receive a final energy bill from your old supplier and will then receive all future bills from your new supplier.
Can I cancel my new contract if I change my mind?
If you’ve just signed up to a new energy supplier and you’ve decided that the change isn’t quite right for you after all, you have a few options.
- Cancel during the cooling-off period: Many energy suppliers give you 14 days after first signing your contract to change your mind, meaning you can back out of your agreement without having to pay any fees.
- Switching your tariff: If you’re happy with your supplier but think you might have picked the wrong tariff, you may be able to change your package without incurring a fee.
Compare Energy with Money Expert
At Money Expert, we’re committed to helping you have the smoothest energy comparison journey possible. Energy prices have increased exponentially in recent years, so it’s important to take action sooner rather than later when looking for ways to bring your bills down.
Types of Gas & Electricity Tariff
There are lots of different energy tariffs available, which can be confusing when you’re considering a new energy supplier. The tariff you choose could affect how much you pay for your energy, but it could also lock you into a long-term contract. Here are some different types of tariffs you may come across:
Fixed Rate
If you choose a fixed rate energy tariff, the price of your gas and electricity will stay at the same level for a fixed amount of time. The term usually lasts around 12 months but can sometimes be as long as 3 years. Fixed rate tariffs are useful if you want to keep on track of how much you’re spending on your gas and electricity, but many have exit fees if you decide to leave your contract early.
Variable Rate
If you choose a variable rate tariff, the price you pay for each unit of energy can go up or down depending on market conditions. So, they might be an attractive option if they start at a low rate, but you could see sharp rises in your energy bills if the wholesale price of energy increases. If you are on a standard variable energy tariff for any reason, you should compare prices today and make the switch – you could save hundreds of pounds a year on your bills. The one advantage of a standard variable tariff is that you are free to leave at any time as you won’t be charged an exit fee.
Single vs Dual Fuel Tariffs
You can either get your gas and electricity separately from different suppliers, or get them together under one contract, known as a dual fuel tariff. Getting both your gas and electricity from the same supplier can make your life easier and it can save you money too.
Green Energy Tariff
If you’re concerned about how your gas and electricity consumption is affecting the environment, you should consider getting a ‘green’ energy tariff. Green energy is derived from renewable sources including wind, solar, hydroelectric power and biofuels among others.
How do I know if switching is right for me?
Finding the best energy supplier can feel like a lot of pressure, but you should only switch if the timing is right for you. If any of the following statements resonate with you, it could be a sign that switching your energy supplier is a good decision:
- Your current energy deal is expensive and you’ve found a new one that will save you money
- The savings your new deal offers outweigh the cost of any exit fees from your current contract
- The new deal is below the Energy Price Cap
- You don’t mind committing to a fixed term energy deal
- Your chosen supplier is reputable and terms of your tariff are clear
- Your new tariff is right for your energy usage needs and matches the type of meter you have
Save on your gas & electricity bills
Fixed price boiler installation
Save up to £585 per year by replacing your boiler! For just £22 a month with no deposit and a 10 year warranty.
Boiler cover
Keep your existing boiler covered with 24/7 support from just £19.99 a month.
How to save money on your energy bills
While paying attention to gas and electricity prices and switching to better deals is by far the easiest way to immediately lower your energy bills, there’s a lot you can do at home as well. If you’re using a lot of energy, there may be some easy changes to your habits that could make all the difference, such as:
- Turn off lights and take appliances off standby when they aren’t being used
- Draught-proof doors and windows to conserve heat
- Run shorter cycles on your washing machine and avoid using the dryer
- Batch cook your meals and make the most of oven space to avoid turning it on as often
- Reduce the time you spend in the shower and take fewer baths
Frequently asked questions
What do I need to switch?
All you need to switch is your address and details of your current tariffs. If you don't have a bill to hand then don't worry, you can get estimated savings based on the size of your household but be warned that they won't be as accurate as the calculations based on your actual usage.
Why should I switch?
The most obvious reason to switch energy suppliers is that it could save you hundreds of pounds every year. Many households in the UK are stuck on expensive, standard tariffs and could enjoy massive savings by switching. Even if you've switched recently, it's always worth looking at new deals regularly as prices change so often that the likelihood is, you could save by switching again.
What happens after I submit an application?
We do all the hard work for you. Once your application is submitted, you'll begin a two-week cooling period, during which you can cancel your request if you change your mind. Following this, your new and old suppliers will communicate, you'll be given details of any outstanding fees you owe your previous supplier (if any), and then your new supplier will send you a welcome pack with details of an agreed switching date.
What if I’m on a prepayment meter?
If you are on a prepayment meter then you can still save yourself money on gas and electricity by running an energy price comparison on our website. There are plenty of companies out there that offer cheap prepayment tariffs, we can help you find them. Alternatively, if you want to switch from a prepayment meter to a standard meter, then we can help talk you through the process. Prepayment meters are not the most efficient way to pay for your energy, they often charge much higher rates per unit. Have a look at our guides section to find out more about how you can switch.
What if I want to find a Green Energy plan?
If you are on a prepayment meter then you can still save yourself money on gas and electricity by running an energy price comparison on our website. There are plenty of companies out there that offer cheap prepayment tariffs, we can help you find them. Alternatively, if you want to switch from a prepayment meter to a standard meter, then we can help talk you through the process. Prepayment meters are not the most efficient way to pay for your energy, they often charge much higher rates per unit. Have a look at our guides section to find out more about how you can switch.
Can renters switch their gas and electricity supplier?
Yes, if you’re currently renting your home and paying for all your bills yourself, you can switch energy suppliers. You may need to let your landlord know who your new supplier is, or change your supplier back to the one it was before when you move out. If your landlord pays for your bills and includes it in your rent or sends you the charges after, you won’t be able to change the supplier unless they agree.
Do energy prices change often?
Yes, energy prices can go up and down from one week to the next, but the Energy Price Cap is usually fixed for a number of months. Because prices change so regularly, it’s important not to jump into fixed tariffs you’re not sure about, as even waiting a month could result in a much better deal.
Where can I get the cheapest energy?
There’s no one supplier that has the cheapest energy, as energy prices will depend on a number of different factors, like the amount of energy used, when you use that energy and where you live. Always keep in mind that what seems to be the cheapest energy supplier or tariff may not always be the right one for you. For example, Economy 7 tariffs can be great for households using energy outside of peak times, but may end up costing you a lot of money. Similarly, opting for a seemingly cheap fixed term tariff may not suit you either if it comes with a hefty exit fee.
Do I need to contact my current energy supplier when I switch?
No, there’s no need to get in touch with your current supplier to tell them what’s going on. The new energy company you have signed up with should take care of all necessary communications, but if you have any questions about final bills you receive from your old supplier, you should get in touch with them.
Should I choose an energy supplier I’ve never heard of before?
It’s understandable to worry before switching to a small energy supplier you don’t know much about. But if they’re offering a good deal, it can be worth making the switch. All UK energy suppliers need to be regulated by Ofgem, so there’s very little risk of something going wrong, as this means even the smallest suppliers are bound by all the same regulations as the biggest names in the market.
If your chosen supplier closes, you won’t be without energy, as Ofgem will move you to another supplier and transfer any credit you might have built up as well. However, it is worth researching your chosen supplier and reading customer reviews to understand what it’s like to communicate with them.
Last reviewed: 1 November 2024
Next review: 1 December 2024