Switching energy provider could make you MoneyFit

You may have noticed that most of the energy providers (big and small) have hiked up their prices recently. They’re probably betting that with the current heatwave you won’t have noticed! If you haven’t switched your energy provider in the last three years, it may be time to review your situation. You may be able to save hundreds of pounds by switching. So if you want to get a better plan before the winter, here are some tips to help you stay MoneyFit.

Switching providers

According to energy regulator Ofgem, switching provider could be one of the best ways to become MoneyFit and save money on your energy bills. It’s easy to do and can save you up to £400 annually.

The whole process shouldn’t take more than 17 days and you won’t be cut off at any point. The only change you’ll notice is a new supplier sending you your bills (if you switch supplier) and lower rates.

You can switch even if you live in private rental or Service Family Accommodation.

Information you might need

Switching is pretty straightforward - you will need the following information, which you’ll find on a recent bill:

  • the name of your existing supplier
  • How much gas or electricity you typically use
  • The name of your existing deal
  • your postcode

Are you eligible?

If you are in debt with your current provider, you may not be able to switch – see Switching supplier if you’re in debt on the Citizens Advice website. Likewise, if you owe more than £500 and have a pre-payment meter, you may find it difficult switching. You can find more information on Cheap pre-paid gas and electricity on MoneySavingExpert.

Getting the best deal

Contact your supplier directly and see what deal they can give you. Don’t allow yourself to be talked into anything before checking some comparison websites and calling other providers directly.

Which deal is right for you?

There are two main types of energy deal, a standard variable tariff and a fixed term contract, which will typically last around a year or so.

The right deal for you depends on your circumstances, how you pay your bills, on your region and usage – so the best way to find out is to do a comparison.

Ofgem has an approved list of comparison sites on its website.

Take your time and don’t be pressured into a deal that isn’t right for you. The opportunity to become MoneyFit and cut your bills significantly is much easier than you think!

More information

Save money on your energy bills
How to switch energy supplier (Ofgem)
Understanding energy bills
Switch to stay MoneyFit

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