How to find the best energy deals


Aug 18, 2016
How to find the best energy deals

Following a combination of increased wholesale energy prices and more generalised uncertainty after the referendum vote to Brexit, some 15 energy suppliers in the UK have scrapped their cheapest fixed rate tariffs, reported the Express newspaper on the 13th of July 2016.   

 

The pressure may be on more than ever, therefore, to make sure you are paying no more than you need by finding the best energy deals.   How do you go about doing that?   

Comparing energy prices     

The key to finding the best deals – whether buying your energy or any other goods or services – is to make a careful comparison of the prices.   

Gas and electricity suppliers these days are in a highly competitive market – they compete for your business by offering a range of different service packages, tariffs and prices.   

Comparing what you get for what you pay might sound straight forward enough, but is frequently more difficult than it sounds. That’s why it makes sense to use a specialist website such as us here at Over 50Choices, to check that the service you need is available at the most competitive price.

   

Switching suppliers   

One of the results of making any such comparison may be your wish to switch suppliers – to a more suitable tariff or one that is cheaper than the deal you are currently getting.   

Fortunately, this is a straight forward matter – and one that requires no change or disruption in the cables or pipes that bring your electricity and/or gas supplies to your home. Typically, a switch involves only the following simple steps

  • the first thing to do may be to check whether your current supplier has a cheaper tariff – despite the story in the Express, they still might exist – and switching to this may save you any further effort
  • in order to make a further comparison, however, you need to know the tariff you are currently on and the amount you have spent during the past year
  • as the Citizens’ Advice Bureau points out, you also need to know the cost of any exit fee charged by your existing supplier for cancelling the current contract
  • bear in mind that you are not going to be able to switch if you are in debt to your current supplier, so make sure to clear any outstanding balance before you proceed to the next steps
  • as part of your comparison exercise, consider not only the price you may be paying for an alternative supply, but also the customer service rating for that supplier (a measure of the performance data of any supplier calculated by Citizens’ Advice)
  • if everything points to a switch and you decide to go with a new supplier, simply call them or let them know online that you want to switch – helpfully, they will do the rest for you
  • make sure to take your own meter reading on the day you are advised that the switch is being made, however, so that your current supplier does not overcharge you
  • pay your suppliers’ final bill and give your new supplier the unique MPRN or MPAN number which identifies your particular supply.   

If an informed comparison of energy supply packages suggests that you might get a better deal elsewhere, it is a straight forward and simple matter to switch suppliers.   

Further reading: Are you spending more than you need to on energy?

best energy deals


Ashley Shepherd is an Over 50s Personal Finance Expert

ashley shepherd

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