Guidelines to Compare Energy Tariffs

If you are one among the customer looking to change energy supplier, here are few guidelines to compare energy tariffs.

Why should you Compare?

Obviously, the most important factor is money. You save a lot of money when you compare and switch to a different tariff, either with the same supplier or a new supplier. To be always on the cheaper tariff available in the market, it is better to shop around frequently. People save on an average about £300 pounds by switching suppliers. It is a confusing process and little time consuming also. Still, it is worth spending that time because of the savings you get.

Ways to Compare

There are a lot of energy comparison sites available online.  They also offer you inbound support to switch energy suppliers. So, if you are a tech savvy and you are comfortable doing it yourself, you can visit these comparison websites eg- www.vswitchusave.co.uk to compare your prices and switch supplier. If you are finding it difficult to do it online, you can take the support of energy advisors by calling the Support numbers given in the websites.

What to look in a comparison website?

First of all, the comparison website should be OFGEM Accredited. They should have the confidence code. This is a code that governs the energy price comparison sites. This code gives you assurance that you are doing the right thing and that the site is reliable.

Preparing to Compare your energy prices

If you haven’t done any comparison before and if you have heard that it is a tedious process, you are right. Nevertheless, it is worth taking pain to compare so that you will save money when you switch suppliers. You need to have some basic details handy before you start comparing the energy prices. Your recent bill is something that gives you most of the information these sites would ask for. You are ready with the bill, you can start the comparison. Some website will allow you to do a energy comparison even if you don’t have a bill. But, this will only give you an approximate savings.

Compare Gas and Electricity Prices

Details required by the Comparison Portals

The following are the details you would require during the comparison process

  1. Your Postcode
  2. Whether you use both Gas and Electricity or just one fuel.
  3. Who is your current supplier (for both, if applicable)
  4. Whether you have an Economy 7 meter
  5. What is your current Consumption/Spend
  6. Your current payment method
  7. What payment method you prefer in the future

Once you enter these details, the comparison website gives you the list of suppliers cheaper in your region based on your spend / consumption. The website will also give you

  1. The Unit rates from the new supplier – This will help you to check if your current unit rates are more than the new supplier. This is a typical comparison that gives you whether you save or not
  2. The Customer Service Rating for the suggested new suppliers
  3. The tariff details – whether it is Online or Paper billing, Fixed or Variable, Whether there is any cancellation Fee for early exit (in case of fixed tariffs)
  4. Other Terms and Conditions

Choosing Tariffs – Fixed/variable tariffs

Fixed tariff comes with standing charges until a specific date. Fixed prices are often cheaper than the supplier’s standard variable rates, so they’re definitely worth considering. Please be aware that if the energy price decreases, which is not going to happen most of the times, your price doesn’t decrease. But when the prices increase, you will be benefited by fixing the price. Especially, when you fix your prices for a long time, you can be assured that you will save money.

Complete the Switch Application Form

The last page would be a switch application form where you need to enter your personal details like your full name, address and date of birth. Some of the suppliers ask for Bank Details if you opt for Direct Debit payment method and also the date on which the direct debit needs to be set up. Once these details are submitted, you will get a confirmation number ie a switch reference number. Simultaneously, you will also get an email (if you have given your email address) or by post, a confirmation from the comparison website company. This completes your switch.

When does the switch go Live

In about 3-4 weeks, your switch goes live. The new supplier calls up for the meter reading and from that moment, your switch is taken over by the new supplier. In the mean time, if you change your mind before 14 days (cooling off period) on submission of the switch application, you have the right to cancel the switch. Once the switch is live, whatever exit charges applicable for a tariff has to be paid, if you wish to get out of the contract. The supplier contract is only for 28 days, though. After that, by paying cancellation fees, the customer can get out of the contract.

VswitchUsave is one of the price comparison websites that gives cheaper energy deals for you. Visit us to know more and switch to save money.