Guide To Energy Comparison And Switching Suppliers
Finance.co.uk provides a convenient way to compare energy tariffs offered by electricity and gas suppliers in the UK. The service makes it easier to save money on energy bills. It is available to both domestic and business users.
Comparing Energy Prices
It is easy to compare your electricity. Use the electricity tariff comparator on Finance.co.uk and you will discover the best deal that suits your specific consumption needs. You can also test your estimated consumption for your future home during a move and thus establish the estimate of your consumption based on the electrical equipment you use.
You can save hundreds of pounds annually by comparing prices across the board.
To compare, simply enter relevant details, such as current energy supplier and the postcode. This enables you to compare offers from various providers. Once you select the best option that meets your energy needs, you can proceed to enter payment and contact details. It takes a couple of weeks to switch to a new provider.
By switching suppliers, you can save on your monthly energy bills regardless of whether you are renting or own your property.
Compare Gas And Electricity
With our gas and electricity consumption calculator, you can reduce your annual energy bill. Once you have checked the boxes that determine your consumption, the annual amount of your expenditure is displayed.
You can compare it to all available commercial offers, the amount of savings achieved or additional cost are specified for each entry. By clicking on the name of the supplier, you have access to the evaluation of the contract and a better assessment of the offers.
Switching to a dual energy tariff provides a way to take advantage of discounts offered by some UK energy providers. It is vital to take a closer look at the details of each offer before making the final decision.
Compare Gas Only
If you are interested in comparing gas prices only, simply select the ‘Gas’ option before proceeding with the comparison. This allows you to focus on gas offers only.
Compare Electricity Only
For users planning to check offers for electricity only, it is vital to select the ‘Electricity’ option at the start of the search. This will exclude gas offers from the comparison.
Compare Energy Suppliers
Discover the new offers of electricity and gas according to your consumption. Some of the leading electricity and gas suppliers in the UK include E.ON, Npower, British Gas, EDF Energy, Scottish Power and SSE.
Price is a key consideration when comparing offers. In addition, you should focus on the reputation of a supplier and the type of services offered to customers. It is also vital to pay attention to customer service and opening hours.
Energy Price Comparison Tips
To change your electricity supplier and purchase the offer that best suits your electricity consumption habits at the best price, simply compare:
- The price per kWh, the cost of your actual electricity consumption
- The fixed price that you will have to pay regardless of your consumption
- Guarantees concerning increases
The Efficiency Of The Supplier’s Customer Service;
Indexed prices are lower than regulated prices according to a percentage predefined by contract. In other words, the price of the electricity subscription or the kWh duty-free is set according to a certain percentage of regulated tariffs, for example, 20 percent cheaper.
While this generally guarantees you the cheapest kWh in the market, the risk of price increases based on increases in regulated tariffs is real.
Fixed prices have the advantage of not moving for the duration of the contract, including in case of lower regulated tariffs. This protection only covers the non-tax prices of electricity. An increase in taxes on electricity will inevitably be reflected on your bill. The fixed price does not affect your bill, it depends on your consumption.
The notion of fixed price is binding only on the electricity supplier. On your side, you have the possibility to change your electricity supplier or offer at any time without justification, without conditions and at no cost.
To summarize roughly, you have the choice between the stability of your budget over time with fixed prices or make your electricity bill cheaper immediately with indexed rates.
As you can see, to pay less for your electricity bill, you better opt for an alternative electricity supplier. First, start by identifying your consumption habits: hours spent at home, electrical appliances, type of installation, type of heating and more. Depending on these factors, you can opt for a basic offer or for the peak/off-peak option.
When buying an electrical appliance, be careful about the energy label, which is mandatory on TVs, dishwashers, washing machines and cold appliances. For lighting, choose low consumption bulbs and dimmers.
The chosen electricity supplier has no impact on the energy you receive. The current distribution and transmission network remains the same. Electricity offers are all non-binding. If your new electricity supplier does not please you, you can cancel your contract at no cost when you want and as many times as you want.
Switching Helps Save On Energy Bills
If you abandon your current energy provider for a cheaper supplier, you will immediately see the difference on your bill. Depending on your consumption levels, you can hundreds or thousands of pounds every year.
If the quotes offered by alternative suppliers are lower, they provide a surefire way to reduce the electricity and gas bill thanks to the best energy deals. If the reasons for your choice are not only financial but also environmental, you can find good options in the UK when you compare gas and electric offers.
The Importance Of Comparing Energy Prices
First, it must be understood that the price of electricity regulated by the authorities is steadily increasing. Since the opening of the market to competition, alternative suppliers can set their tariffs freely, either by indexing it at the regulated tariff in force or by remaining fixed during the duration of the contract.
The price per kWh is therefore variable over time, depending on the suppliers and the offers. Each supplier offers several packages. As such, it can be useful to compare energy prices according to your needs and expectations.
Using an energy comparison tool on Finance.co.uk allows you to consider various key aspects of multiple offers. These aspects include UK energy quotes, available services and more. In turn, you can opt to switch gas and electric contracts to the best energy deals.
The applicable tariffs are determined by a variety of factors, including the costs of electricity supply, production costs as well as commercial management costs. Taxes and contributions are fixed by the relevant authorities. Some of the contributions are calculated according to your consumption.
On the other hand, taxes vary from one municipality to another and from one department to another, because they are defined individually. In addition, these taxes depend on the power contracted and a multiplier determined and voted by the municipal councils.
The price of electricity is set by ministers who are responsible for energy and the economy. The available offers are for the most part based on the price of the regulated tariff. Thus, they evolve with the regulated tariff.
Nevertheless, it is quite possible to find market offers with discounts of 5 to 10 percent compared to the regulated tariff. Today, many electricity providers also offer renewable energy options, do not hesitate to compare various aspects of the offers via UK energy comparison sites like Finance.co.uk and Uswitch energy.
How Does Switching Work?
Changing an electric provider is a real breeze. Your new operator is responsible for terminating your old contract and the switch can be done the same day, no interruption or intervention is necessary.
To sum up, when you change your electric provider, nothing changes except the price. Your contract with your former supplier is automatically terminated on the effective date of your new contract.
To switch gas and electric suppliers, simply enter relevant details, such as current energy supplier and the postcode. This enables you to compare offers from various providers. Once you select the best option that meets your energy needs, you can proceed to enter payment and contact details. It takes a couple of weeks to switch to a new provider.
You are given a cooling off period to decide whether the new contract meets your expectations. A simple rule: termination is always possible at any time without charge.
The rule, which applies to all electricity suppliers, is simple: the consumer can leave his electricity supplier at any time and can return at any time. In fact, electricity supply contracts are not subject to any commitment of duration or any entry or termination fees. It is, therefore, possible to change supplier at any time, without any fees.
Any consumer can, at any time and as many times as desired, change an energy supplier. In practice, when you decide to change supplier, you contact the new provider. You are required to agree with the effective date of the change of supplier. The process can be immediate or takes a few weeks (within a maximum of 21 days).
Until then, your previous supplier continues to provide and bill you the energy you consume, and your new supplier takes over. Thus, the change of supplier does not involve any power cut. There is only one limit to this ability to switch providers at any time.
Consumers in default with their current supplier may be prevented from signing up with another supplier until they have settled their debts.
No cancellation fee is charged by your previous provider and you will simply receive a contract cancellation invoice, which allows you to pay the last kWh due.
Understanding Your Energy Bill
Power consumption varies from one household to another. This is due to several factors: consumer profile, number of electrical appliances used, use of energy-inefficient appliances and more. The average electricity bill of a house or apartment depends on many criteria.
The larger the dwelling, the more rooms will need lighting, which becomes a significant part of the total cost of the bill. For a home measuring 20 square metres inhabited by one person and heated with electricity, you can count an average electricity bill between 400 and 450 pounds per year.
The electricity bill of a house of 100 square metres will be higher. Thus, for a household of four people equipped with a washing machine, a dishwasher and other energy-consuming appliances, you can estimate an annual consumption between 1,700 and 2,000 pounds.
Key Points To Consider When It Comes To Your Energy Bill Include:
- The tariff indicates the name of your current energy tariff (it acts as a utility bill)
- Energy Comparison rate: shows the cost of the current energy tariff costs, thus enabling you to compare the applicable rate
- Energy consumption is calculated in kilowatt hours (kWh)
- Terms and conditions: covers key aspects of the contract, including notice period and conditions of current price plan
Tips On Saving Eenergy
To reduce your electricity bill, you should opt for appliances that consume less energy. It is important to look at the energy label of the device you intend to buy because it can make a big difference in your monthly energy bill.
It is possible to reduce your energy bill whether you are a roommate, landlord or tenant. You can make an energy assessment of your home to determine whether the insulation meets the required standard.
It is better to switch off the devices completely than to leave them in standby mode. Choose more efficient lighting by avoiding halogen lamps. Turn off computers, screens, photocopiers, projectors and coffee machines as you leave. When it comes to lighting, pay attention to the corridors, cellars and toilets. Turn off the ventilation system after 4:30 pm, when ventilation needs are not critical.
You should review the insulation of the house to limit the loss of heat. Installing an economical heating system will help reduce the amount the energy bill. With online tools, you can easily estimate the amount of your average energy bill. In the end, you can find a cheaper contract and save money on your bills.
In addition, you can take advantage of tips and advice to reduce your energy consumption or use 100 percent renewable power sources. Depending on your profile, you will have one or two bills for your accommodation. Only one if you use electric, two if you also have gas at home (unless you use the same supplier for both options).
Ofgem Confidence Code
Our energy comparison site is one of the prominent platforms accredited under the Ofgem Confidence Code. This means we follow specific guidelines to provide real value to energy consumers in the UK.
Energy Switching FAQs
How Do Energy Price Comparison Tools Work?
As an energy comparison website, Finance.co.uk helps consumers save money by providing a convenient way to find the best energy deals on the market. We earn a fee for helping consumers switch their energy contract from one supplier to another.
Since the 2000s, the web has seen the emergence of thousands of guides and other price comparators for all sectors, including energy comparison sites. These platforms mainly compare prices for products and services.
These price comparison sites have a positive impact on both consumers and businesses. Many companies, including energy providers in the UK, have turned these platforms into an opportunity. Distributors have created their own price comparators. This practice has even become a major communication asset for retailers.
What Are The Benefits Of Switching My Energy Supplier?
Doing so gives you an opportunity to save hundreds or thousands of pounds annually. You can take advantage of awesome deals, such as the dual-energy plans that come with significant discounts.
What Is The Process Of Comparing And Switching Energy Suppliers?
The process is quick and easy. Simply enter your postcode, type of energy (electricity or gas), current contract details, usage information and you will be presented with offers from various energy providers. This allows you to select the ideal option before entering contact and payment details.
What Happens After I Switch Supplier?
Your new supplier will provide the date of transfer, which does not involve power cuts, digging, drilling or any major changes to your electrical installations. The process starts and ends with administrative changes.
How Long Will It Take To Switch Energy Providers?
You can expect a maximum transfer period of three weeks depending on the supplier involved. The Energy Switch Guarantee initiative simplifies the entire process.
I Haven’t Heard Of This Energy Company — Is It Safe To Switch My Contract?
Office of Gas and Electricity Markets (Ofgem) is responsible for regulating both prominent and small players in this sector. This means all UK energy suppliers abide by the same rules. Ofgem covers consumers if a service provider goes bankrupt. Your connection will not be affected because a new supplier will swiftly replace the troubled entity. You can learn more by visiting Ofgem.gov.uk.
How Do I Select The Best Energy Tariff?
You can opt for individual tariffs or a dual energy plan. With the latter, you can access both electricity and gas from a single company. To make the right choice, it is best to compare tariffs for both options. The dual tariff may help you reduce energy bills. The fixed rate deal protects you from any increases during the term duration but it can be more expensive.
Conversely, the variable rate deal is more affordable but you are not protected against any tariff increases.
Regulated energy sales tariffs are set by the public authorities. The price of variable market offers changes according to the increases in reference value indicated in the contract. For example, when the price of a market offer is indexed to the regulated selling prices, the price of this offer will rise at the same frequency as the regulated tariffs in accordance with the indexing level defined in the contract.
The price of fixed-price market offers is frozen for a period determined by the contract: for one, two or three years. Suppliers commit to the price for a fixed period, but consumers may, if they wish, change their contract or supplier at any time, free of charge.
In most fixed price offers, suppliers commit to the price of energy (in kWh) only. On the other hand, the subscription and the taxes can change. Prices for free-priced market offers are set freely by the supplier. Their change is defined by the contract.
Do I Need To Inform My Current Energy Provider?
No. Your new service provider is responsible for handling the switching process. When the transfer date is approaching, the new supplier will request your meter reading. This information is forwarded to the previous service provider with the aim to calculate your final energy bill.
Is It Necessary To Cancel My Direct Debit?
Yes, you can cancel the direct debit after paying the final energy bill.
Can I Switch Energy Providers?
Most consumers can switch supplier without difficulty. However, the switch may be blocked if a consumer’s energy contract is in arrears. Tenants need the permission of the landlord to change service providers.
Why Use Finance.co.uk To Switch Your Energy Provider?
We make it easier to find the best energy deals, switch supplier and save on bills without leaving the comfort of your home.
How Do We Make Money From Utility Switches?
We receive referral fees for making a successful switch. You can see more about how our site works here.
Do We Compare The Whole Energy Market?
We provide a list of all energy suppliers in the United Kingdom.
How Does Our Relationship With Energy Companies Affect Our Service To You?
Our priority is to provide real value to energy consumers and the information shown on our platform is accurate.
Why Are We Telling You This?
We thrive on transparency and professionalism.