How to Switch Suppliers and Lower Your Electricity Prices
Although the winter months are the most expensive you should check you’re on the right tariff two or three times a year. To check current availability all you need is the postcode of your premises and meter number for businesses.
A vast range of variable and fixed rate tariffs are available. Ofgem have attempted to simplify residential tariffs and cut down the options available. Generally for each supplier you’ll be presented with one standard variable tariff, a longer term fixed rate deal and a capped rate.
Paying monthly by direct debit reduces prices between 4% and 10% depending on the supplier. If you have a pre-payment or coin operated meter try and change this for a regular smart meter to enable you to select lower options.
In the majority of cases businesses have to select a fixed priced contract for at least one year. Longer terms are available with a price premium and variable pricing is being introduced shortly.
Be aware that extremely high rates are applicable if you do not renew a terminated contract.
Regional differences apply around the UK based largely on the market before deregulation. A contract from one supplier can be cheaper in London than Birmingham for the same property. The average electricity bill for all regions is shown in the graphic below.
The providers in the UK include: British Gas, Cooperative energy, Dual Energy, E.ON, Ebico, Ecotricity. EDF Energy, First Utility (now Shell), Gazprom, GDF Suez, Good Energy, Green Energy, LoCO2, Marks and Spencer, npower, Opus, Ovo, Power NI, Sainsburys, Scottish Power, Spark Energy, Scottish and Southern, Total Gas & Power, Utilita, and The Utility Warehouse.