We were looking at the costs and problems associated with buying the freehold of leasehold properties for last week's Finance Fridays. With another cold snap forecast for the UK we are talking about switching energy suppliers this week.
Last week npower announced
that from 16 March 2017 they will be rising the prices for those on
their standard variable tariff. This will mean electricity prices to
rise by 15% and gas by 4.8%. For those on a duel fuel standard tariff
this will be 9.8% which equates to an average bill increase of £109.
If you're one of the 1.4 million npower customers on a standard
variable tariff there's no need to panic yet as you have several
choices. This also applies if you are on the standard variable tariff
with any of the other energy suppliers as they will probably announce
price rises in the coming weeks as well.
Change tariffs with your
current supplier – If you have an online account already then
log on and find the section that deals with changing tariffs. Your
energy supplier should give you the current options available without
you needing to enter any further details. Along with giving details
of the tariffs such as fixed, price freeze, online etc they should
say how much each tariff will be higher or lower than what you are
currently on.
Fixed price and 'price
freeze' tariffs should ensure that the price will remain the same
until the end of the stated period. Of course your own bill could go
up or down depending on your usage. If you choose one of these
tariffs you will be tied in until the deal ends or be required to pay
an exit fee.
Online tariffs will require
you to read your own meters (if you don't already have a smart meter)
and send the figures via the company's website. You will also receive
the majority of your correspondence by email rather than being
printed out and posted to you. You will also need to set up a regular
direct debit instruction rather than paying by cheque or over the
counter at a bank or Post Office.
Duel fuel tariffs give you a
discount for taking both gas and electricity with the same supplier.
Usually it is cheaper to have both your gas and electricity supplied
by the same company.
Switch to another
supplier – Before you switch check first that you are able to
switch suppliers without incurring an exit fee.
There are several comparison
sites that will try to work out the best deal currently available to
you. If you are asked to enter what you are currently paying or how
much fuel you use always enter your fuel usage figures as this will
be the most accurate. Once you have entered your details a number of
different suppliers and their current tariffs will appear. Do bear in
mind at the moment that many providers have said they will keep their
current prices until the end of March 2017. This means fixed rate
deals won't be affected but other tariffs with a variable element to
them may see prices in the coming weeks.
Once you have decided which
company you are switching to apply to them to move from your current
provider. If you owe your current provider any money you will need to
settle any debts you have. Make sure you take meter readings so both
of your providers know where to finish and start from. After this
your new provider should then arrange the switch. It may take a
couple of weeks to finally go through so do be patient but make sure
you keep an eye on things.
Do you know what type of
energy tariff you are on? Have you switched providers before?
We were joined last week by
Eileen with her ingenious ideas on how
to save a deposit for a house.
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Another price rise for utilities on the horizon (groan!) Thank for the timely reminder to check our tariff. I do know what tariff I am on but will plan to make time over the weekend to check out rates at other suppliers.
ReplyDeleteOh, I really need to check our plan...it is on my list.
ReplyDeleteWow, I actually didn't think energy prices could go up any further. I do think suppliers count on us not bothering to shop around once we're on a contract with them, but I've always managed to save money by switching once I've come to the end of my initial term. Good reminder. Helen.
ReplyDeleteThe sad fact is that only about 16% of folks actually switch suppliers. We are switchers!
ReplyDeleteI switched too! I will have to look at this as my lease on flat is about to end so will probably move somewhere else and switch again! :)
ReplyDeleteIt does feel at the moment like everything is going up which is really worrying. I must admit I am part of the energy saving club with Martin Lewis's Money Saving Expert and it emails me when I could be saving money on another tariff which is really handy and I change quite regularly.
ReplyDeleteThat is really useful thank you. I need to keep on top of these things now we are back for a while! :)
ReplyDeleteI read that Post and got it fine and informative.
ReplyDeletehong kong shelf companies
We switch roughly yearly now. Like Nikki I am part of the energy saving club and now buy my power through their deals.
ReplyDeleteI really need to switch providers. We pay through the roof and I know we can save so much. It's just laziness stopping me!
ReplyDelete