How to Switch Suppliers and Lower Your Electricity Prices
Although the winter months are the most expensive, you should check that you’re on the right tariff twice a year. To check current availability, all you need is the postcode of your premises and the meter number for businesses.
With energy costs at all-time highs, homeowners are unlikely to be able to switch suppliers or tariffs. Moreover, the energy market shows no signs of improvement, although the government has various schemes available to help with the cost of living crisis.
New regulation introduced the energy price cap policy that is now updated four times per year. In addition, the regulator, Ofgem, uses market and customer data to protect consumers from soaring costs.
We post news, analysis and research into these topics to assist with lowering your energy bills in order to save money. Businesses are not part of the energy price cap and still need to have a contract in place for their gas and electric supply.
A vast range of variable and fixed rate tariffs were available. Ofgem has attempted to simplify residential tariffs and cut down the options available. Generally, for each supplier, you’re offered one standard variable rate, a longer-term fixed rate deal and a capped rate.
Paying monthly by direct debit reduces prices by between 4% and 10%, depending on the supplier. If you have a pre-payment or coin-operated meter try and change this to a regular smart meter to enable you to select lower options.
In most cases, businesses have to select a fixed-priced contract for at least one year. After that, longer terms are available with a price premium, with the option of variable pricing 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, Opus, Ovo, Octopus, Power NI, Sainsburys, Scottish Power, Spark Energy, Scottish and Southern, Total Gas & Power, Utilita, and The Utility Warehouse.