If you’re considering switching your energy provider, there are a few things you need to know. You’ll need to know whether you’ll have to pay exit fees, and when is the best time to switch. Also, you’ll want to make sure you’ve taken a meter reading before you make the switch.
Switching energy providers
Switching energy providers is a simple and effective way to save money on your energy bills. Before making the switch, you should research the various energy providers available in your area. You can use the Internet to compare prices, and you can also check out the companies’ websites to learn about their values, specialties, and service.
Before switching energy providers, you must contact your current provider and inform them that you want to change suppliers. It is important to note that this may require you to pay an exit fee. Make sure to read all fine print so you can avoid getting stung by any hidden charges.
Exit fees
If you have a variable energy contract, you might be charged an exit fee when changing energy providers. Exit fees are penalties for breaking a contract. They can feel like money down the drain. Luckily, there are ways to avoid them. You can check your contract to see if you’re obligated to pay an exit fee, and if so, you can wait until the end of the contract to change suppliers.
Some energy providers don’t charge exit fees, and you should always check whether your plan includes one. Many have a 49-day window where you can switch suppliers without incurring an exit fee. Make sure you check the end date of your contract, as well as Ofgem’s rules for switching suppliers.
Best time to switch
Depending on your needs and circumstances, switching energy providers can be a good way to save money. The best time to switch is just before your current contract expires, so that you can take advantage of lower prices. If you are about to renew your contract, however, this may not be the best time to switch. Your energy supplier will probably send you a renewal offer that is not competitive.
If you’re on a prepayment meter, you will need to check whether your new supplier offers a prepayment tariff. In any case, you’ll want to compare prices using price comparison websites. You can find a list of approved price comparison websites on Ofgem’s website. Then, you can choose your new energy provider and switch online or over the phone. The new supplier will confirm your switch and send a letter to your old one letting them know it has happened. You’ll also need to take a meter reading on the day of switching, as your new supplier won’t charge you for energy you’ve used prior to switching.
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If you should switch
Electric rates have been rising at an alarming rate. In Texas alone, they have nearly doubled in one year. And prices have increased in most other states as well. As you can imagine, sky-high electric bills can really hurt your wallet. While you have limited choices in deregulated states, there are things you can do to reduce your energy use and lower your monthly bill.
One of the most important things to consider before switching energy providers is your usage. It is best to switch before you reach the standard variable energy tariff (SVT) to ensure that you get a cheaper deal. However, switching before this time may be tricky as there are few cheaper deals available.
