Best time to switch energy supplier
Over 6 million households chose to switch energy supplier last year, and it should continue to rise every year. At Love Every Savings, we are encouraged that more and more energy consumers are educating themselves on the benefits of regularly comparing energy deals to make sure they are keeping their household bills low.
However, there is some confusion around penalties for switching suppliers before the contract end date. So, we have put together this guide covering all you need to know to avoid unwanted exit fees and pick the best time to switch.
What happens when my energy contract ends?
When your energy contract is coming to an end, it is a perfect time to consider switching energy supplier. The best way is to use a comparison tool to see what the market has to offer.
While fixed-rate tariffs offer affordable electricity and gas unit prices for the duration of your contract, your supplier will automatically switch you onto a standard variable tariff, which is often quite expensive in comparison.
Your energy supplier is legally obligated to inform you 49 days before your energy contract is ending, so you will have plenty of time to compare the market and look for a great deal. During this period, you will not be subject to any exit fees.
When Should I Switch My Gas and Electricity Supplier?
The first step to cheap energy bills is knowing when it’s the right time to change energy supplier. If you’re currently locked into an energy contract, it is important to know when your electricity or gas tariff will end.
Many fixed tariffs will include an exit fee for switching early, meaning it may be beneficial to wait for your tariff end date before switching.
You should find your tariff end date on your most recent energy bill in the section dedicated to your key information.
If you can’t find an energy bill, you can call your energy provider and they will be able to give you your end date over the phone.
Whether you're looking at business or home electricity tariffs, suppliers tend to put their prices up in the winter, and often introduce deals in spring and summer.
This means it is often best to commit to a fixed-term contract before autumn. That will guarantee you cheaper prices in the winter when many businesses use more energy for heating and lighting.
To ensure you are always on the best deal, you should compare every six months as new tariffs and deals pop up all the time.
Once you have switched with Love Energy Savings, your dedicated energy account manager will let you know if a cheaper deal becomes available, but you can always put your details into our no-obligation business energy comparison engine for real time results.
Can I switch energy suppliers if I have never switched before?
If you have never switched your energy supplier, then the chances are extremely high that you have been rolled over to a standard rate energy tariff and you will be paying well over the odds for your power.
In fact, the latest State of the Energy Market report by regulator Ofgem suggested that customers currently on a standard variable tariff could save £260 by switching.
If you’re on a default or standard variable tariff, now is the ideal time switch. Not only will you have no exit fee to pay, but you can also make significant savings on your energy bills.
Love Energy Savings can guarantee that we can find you a cheaper offer than a standard rate contract and by switching you will immediately reduce your overheads and increase your profit.
Our team will find you the cheapest energy rates given your usage and location and will take care of the whole switching process for you.
What Should I Do When A Supplier Increases Their Rates?
There is no greater motivation to switch energy supplier than to receive notice from your energy supplier that they will increases their prices.
A hike by one provider often has a domino effect so it is the perfect time to agree a fixed-term contract with the cheapest energy supplier before they all raise their prices.
Every energy supplier offers multiple tariffs and contracts designed for different usage and available in different locations across the UK so the easiest way to guarantee you get the best value prices and consider every supplier is to use our quick business energy comparison tool.
Can I switch energy suppliers without a penalty?
That depends on the supplier and the current contract you are on. Some suppliers do not impose exit fees, but it’s always worth checking. Most charge £30 per fuel, so it would cost you £60 if you wanted to switch both your electricity and gas.
The easiest way to find out what your obligations are is to check your energy bill to find out your tariff and contact your energy provider if you are unsure if exit fees will be imposed.
If you’re within the last 49 days of your contract ending, you won’t get charged any exit fees.
Switching from a standard variable rate to a cheaper deal
Standard variable tariffs are generally the most expensive tariffs on offer from energy providers. If you are on one, you should find a cheaper deal as it will reduce your household bills. Standard variable tariffs work by following the base rate set by the Bank of England when the base rate is low, prices are low, but if the base rate rises, then prices for households will rise.
For this reason, fixed-rate tariffs are often lower than standard variable contracts for households. Because fixed-rate tariffs provide a fixed unit rate, you have more certainty about the price you will be paying. There are thousands of home energy contracts available so it can be confusing to know which one to choose. To help, Love Energy Savings provides simple, and fast online home energy price comparison as well as dedicated, impartial energy advisors.
Switching from a fixed rate deal without penalties
If you are currently in a fixed-term contract, that has an exit penalty, you can move without a penalty within 49 days of the contract coming to an end, thanks to Ofgem regulations. Once your contract ends, most suppliers will switch you automatically to a standard variable contract, you can then switch without having to worry about exit fees.
How to find your current contract end date
It is important to know when your contract ends. If you're unsure, check your energy bill or get in touch with your energy supplier.
If you switched your home energy supplier with Love Energy Savings, we will contact you when your contract is coming to an end and will be able to assist you to find another cheap energy tariff. Otherwise, your energy supplier is obligated to inform you before 42 days before your contract ends.
No exit fee energy tariffs
There are tariffs available from some of the smaller energy companies that are fixed-term, offer competitive, guaranteed prices, but do not charge exit penalties. For example, Octopus and Bulb both offer market-leading tariffs which do not impose exit fees on customers.
The easiest way to find the tariff with the best value for money is to compare domestic energy prices with Love Energy Savings. We have access to all of the UK energy provider’s energy contracts, meaning you can get a great deal quickly and hassle-free.
How to switch energy supplier with Love Energy Savings
At Love Energy Savings, we’ve worked hard to make it easy to switch energy supplier.
Here’s how you can switch energy supplier with Love Energy Savings:
- Complete our free home energy comparison tool
All we need to know is your address, your supplier, the tariff you are on and your usage. If you don’t know your exact usage there’s no need to worry, our tool will estimate this for you.
- Select the tariff you want to switch to
In just minutes you can see which suppliers and tariffs will save you the most money. You can then select the tariff you’d like to switch to.
- We let your old supplier know what is happening
We will send you an email detailing the energy transfer you’ve arranged and contact your old supplier to let them know what is happening – so no awkward phone calls to cancel your old tariff!
- Your new supplier will send you a welcome pack
Your new supplier will then send you a welcome pack which should arrive in 2 days but can sometimes take a few weeks. This will include information on your direct debit, the date your new energy provider takes over your gas and electricity supply and any exit fees should you decide to switch energy suppliers in the future.
- You provide your meter readings
The only thing left for you to do is to provide your meter readings to ensure your usage can be monitored effectively from the start of your new energy contract. Sending in your meter readings will help your energy supplier issue an accurate final bill.
Switch your energy supplier now...
Perhaps the best advice we can give on when you should switch energy supplier is not to delay the decision. The sooner you switch the sooner you start saving money on your business energy bills.
At Love Energy Savings, we've developed strong relationships with the widest possible range of suppliers to allow you to find the very best deal when switching your energy provider.
We’ve worked hard to ensure the process of switching is as simple and hassle free possible. When you switch with Love Energy Savings, we take care of contacting your new supplier and letting your old supplier know you are switching.
We’ll even get in touch with you towards your renewal date to check if there are any better deals out there for you so you can keep saving.
You can start the process of switching your energy supplier in just a few minutes by using our free energy comparison tool.
Almost 1/4 million
switches so far...
Saving UK businesses