The biggest misconception surrounding energy switching is that it is a huge hassle involving fees, long waits for installation and difficult processes.
In reality, the process of finding a cheaper provider and switching to a new tariff actually takes only a few minutes for you to complete. No changes will be made to your physical supply, and you will not at any point find yourself without power to your home.
Below we have debunked some common myths about switching your energy supplier.
There is no one-off fee to pay just for switching your provider. You are only required to pay for your energy, as per your new tariff and standing charge. However, if you are in a fixed term contract with your current supplier, you may be required to pay an early exit fee to leave your contract. It’s therefore advisable to consider this fee when you’re comparing to find a better deal, as you could be better off waiting until your new tariff is due to expire.
Your energy supply, whether gas or electric, will not be disconnected at any time during the switch. There will be no interruption at all to your supply, and the only thing that changes is the name of the company on your monthly bill, and, of course, the price that you pay.
Your old and new energy companies will agree on a switchover date to ensure that you will only be paying one of them at any time. However, you will be required to provide meter readings to both your old and new supplier on this date to ensure accurate billing. If you have any Direct Debits or Standing Orders set up to your old provider, you will need to cancel these.
It takes just 10-15 minutes of your time to switch to a new energy company online. The actual process between the energy companies to switch then takes approximately four and six weeks from your application date, during which time you will only need to provide your old and new suppliers with a meter reading so that they can bill you correctly – which they will contact you for. However, by the end of 2014, the industry is working towards a 3-day switch once your cool-off period has passed.
It is not uncommon for homeowners to over-estimate the inconvenience of switching their gas or electricity suppliers.
However, by not switching your supplier and staying on a higher tariff, it’s possible that you’re losing out on potentially hundreds of pounds in savings every year - and no one wants to see those savings go to waste.
If you have any questions at all about how the switching process works, or myths of your own that you would like clarification on, please give us a call on 0800 188 4906.