Unfortunately, it doesn’t necessarily pay to stick with your current energy provider, largely in part because, as with many other services, new customers often get the best deals.
You can check in with your current provider about what offers the have on the market right now – but be prepared to leave.
This means you might want to consider switching energy supplier in search of getting a better deal, but there are a few things to consider before doing that:
Exit fees
Not all tariffs have exit fees, but most do so make sure to check the terms of your current tariff.
If you’ve got less than 50 days on your current contract, then you can’t be charged exit fees.
However, you might want to consider the potential payoff: if your current exit fee is £50, but there’s a new fixed rate tariff that’s £100 cheaper than your current rate, then it could be worth paying the exit fee now for potentially better savings in the long run.
Length of contract
Most tariffs are for either 12 or 24 months, while they offer protection against price cap increases, you also won’t benefit if energy prices decrease during your contract term.
So really have a think about how long you’d like to stay locked in for.
Think about costs
Always make sure you can afford the deal you chose, and don’t rush into one you might struggle paying down the line.
And remember don’t just look at your direct debit, this might not be the actual cost. Have a look at the unit rate and standing charge and try work out how much you’ll be charged. This will also help you see how it differs from the rate you’re currently paying.
Keep in the loop
Keep a close eye on the market and run regular comparisons to see what deals are on offer right now.
If you sign up for alerts from different price comparison sites, that’s a great way of keeping in the loop and staying informed on the best rates on the market right now.
Also, speaking with other residents in the area can help. See who their energy providers are and what kind of tariffs they’re on – it can give you a great starting point when it comes to searching.
Questions you might be asked by price comparison sites:
What is your annual energy usage?
This can be a really tricky one to know the answer to just off the top of your head – and they might sometimes ask for it as something called ‘kWh’ – which stands for kilowatt hour.
One kilowatt hour is equal to 1,000 watt hours. Use an appliance rated at 1,000 watts for one hour and you’ll be billed for 1kWh.
This is unlike phone bills, where you can clearly see the price per minute and relate it to how much you’re using. You should be able to find a full breakdown of your energy usage on a recent energy bill.
Alternatively, you can check your latest annual energy statement sent to you by the energy provider for an estimated amount in kWh used within a year.
If you don’t receive paper bills, log into your online account with your energy supplier and you should be able to find your most recent bill or annual summary on there.
What Is your meter reference number?
The ever-elusive Meter Reference Number – MPAN for electric and MPRN for gas, it’s also worth noting that these are sometimes referred to as a ‘Supply Number’ or ‘S Number’.
You should be able to find both of these numbers on an old energy bill.
Your MPRN is up to 11 digits long, and you usually find it next to information about your tariff or energy use.
Your MPAN can be found alongside your electricity tariff details, it’s a 21-digit number but usually you’ll only be asked for the last 13 digits only numbers.
If you’re unable to find your Meter Reference Numbers, contact your current supplier and they should be able to provide it for you.
What is your current tariff name?
There are a whole bunch of different names for tariffs, but they mainly come in two basic types: Fixed or Variable rate.
You can usually find this info on your bill, or just by logging into your supplier’s online portal. Key words to look out for are ‘plan’ or ‘tariff’.
Alternatively, you can call your supplier and it will tell you what tariff you are on.
Do you have an economy 7 meter?
Another simple one, check your electricity bill. If you MPAN begins with ’02’ and you have two different rates (one for night, one for day) then you’re likely on an Economy 7.
If you don’t have a bill to hand, check the meter itself – if it displays two sets of numbers (one for night, one for day) then you’re on Economy 7.
If you’re still unsure, call your energy supplier and they should be able to let you know.
Make sure that if you’re going to call your energy provider for help with any of these questions, that you have them to hand when you do the call – you could save yourself a lot of time listening to hold music that way.
Take some time out of your day to run a check on a price comparison site, it takes around 30 minutes and could potentially save you a lot of money in the long run.
