How do I switch energy supplier?
The government actively encourages us to switch supplier and over 50% of all UK customers have switched supplier since the market was opened up. Switching could save you as much as £250 a year, and the best thing is, that switching supplier is easy. The DTI have reported that 90% of customers who switched found it easy, and new regulations have been put in place which means that you now have 7 days to cancel a contract, should you change your mind.
Before making any major decisions it’s important to make sure that you have all the information you need. Use the JSTFinancial.co.uk website to help you find the best deal for you.
How does you current supplier score in the current market?
The first stage is to compare your current supplier against others in the market. The best way to do this is work out how much you are paying by comparing your last 4 bills, or looking at your total payments for the year. With this information, use the JSTFinancial.co.uk website to help find the best deal for you and your individual circumstances.
Choosing a new supplier
Once you have the results from your price comparison, it’s just a little more research to ensure you pick the right supplier for your needs. There are approximately 15 energy suppliers to choose from, so it’s important to know the differences and be sure of what is important to you. For example, have you considered buying both your gas and electricity from the same supplier; how you are going to pay; does the supplier offer price fixing. We have compiled the most important points to consider below.
Tariffs
Believe it or not there are a number of different tariffs available to different people. The biggest contributing factor is of course how much energy you use. If you use a lot, then you may be offered a slightly cheaper rate than those who use less amounts of energy. Make sure that your tariff includes the standing charge.
Discounts and promotions
Competition between energy suppliers is fierce, and so you may find that you get offered special deals or discounts. Price fixing is the most common incentive around at the moment.
Payment Options
Payments options are extensive and vary quite a lot, so make sure you know what options are available, and the best one that suits your needs. Suppliers often offer incentives to pay a certain way such as by direct debit for example. You can also often receive your bill online, and again suppliers offer incentives for ‘paperless’ billing. Payment options vary in frequency from weekly to quarterly and paying by cash, postal order, cheque, direct debit, or prepayment meter.
Customer Service and Complaints
Choosing a new supplier is not all about price. It is definately worth considering the quality of service that you are likely to receive. Furthermore, if you decide to purchase one of the energy suppliers numerous aftercare schemes, the service becomes an even more important factor. Energywatch hold details of all complaints about suppliers and may be worth contacting.
Make that Switch!!
Now that you have done all your research and are happy that you have found your new supplier, it’s easy to switch.
1: Contact your chosen supplier, and apply to switch your supply. You will receive a contract to check and sign which will start the transfer process. This should take about six weeks to complete and your new supplier will keep you informed about its progress.
2: Inform your old supplier that you are switching to a new energy company and give 28 days’ notice. It's a good idea to do this by telephone and also provide written or email confirmation.
3: Your old supplier will issue a final bill, so settle this and cancel any direct debit or standing orders with your bank.
4: Provide a meter reading to your new supplier, from the day that they specify, and that’s it!!!!! Your new supplier is now billing you.