When is the best time to switch energy suppliers?

Thinking about switching to a new energy supplier? Wondering when is the best time to switch? In most cases the answer is very simple – right now!

Switching to a new energy supplier is pretty easy & straightforward to do, and can potentially save you a lot of money.

Generally speaking, there are really only two reasons not to switch right now:

1. You’re tied in by exit fees

Your current energy supplier might charge you an exit fee if you try to leave early. This is usually the case if you are on a fixed-term tariff.

Exit fees can range from £20 to as much as £75 per fuel.

You can get out of a fixed-term tariff without incurring exit fees if you switch during the last 49 days of your contract. We’ve discussed this in more detail in this article.

It’s also worth noting that the money you save by switching could outweigh the cost of the exit fee. If you can afford to do it, it might still be worth taking the hit if it saves you money in the long run.

Variable tariffs do not incur exit fees, so you’re free to switch whenever you like.

2. You owe money to your current supplier

It may be difficult to switch suppliers if you are behind with your energy bills.

Your account doesn’t necessarily have to be in the black in order to switch – just as long as you’ve paid your most recent bill. If your account is in the negative, you will simply have to pay the remaining balance when you get your final bill.

If on the other hand you’ve been in debt for over 28 days, your supplier will most likely object to you switching until you’ve repaid the debt.

What about prepayment meters?

If you are paying off a debt through a prepayment meter, you can still switch as long as your debt is less than £500 for gas and £500 for electricity. Your new supplier will simply take on the debt.

Before you switch

It’s a good idea to take & submit a meter reading just before you switch to a new supplier. This will ensure that your final bill from your old supplier is accurate. It will also give you an up-to-date figure that you can use when getting quotes.

Reasons why you should switch energy suppliers

Don’t sit around paying too much for your energy if you don’t have to. If you’re not in debt and exit fees aren’t a concern, then there’s no reason not to switch to a better deal.

Here’s few reasons why you should switch:

  • It’s easy! It only takes a few minutes to get a quote and switch online
  • Switching is absolutely seamless and there’s no interruption to your gas or electricity supply
  • There’s no inconvenience – the same gas and same electricity comes into your home through the same pipes and cables. All that changes is the company name on your bill.
  • You don’t have to tell you’re old supplier that you’re leaving – your new energy provider will do this for you
  • If you’re on a variable tariff you can leave at any time – even if you’ve only just joined that supplier
  • You can save money!

Did you know that Eversmart are cheaper than every one of the “Big Six” providers?* You can get a quick quote here.

 

*Accurate at time of publishing. Eversmart’s cheapest tariff compared to a standard variable tariff from the big six.

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