Gas & Electricity
It’s become so much easier to buy gas and electricity nowadays. Back in 1999, the gas and electricity market was deregulated, meaning that you are free to choose who supplies you with energy. Before the market was changed, only your local or regional electricity could supply your home with power.
Deregulation really has increased the competition in the gas and electricity marketplace, so not only do you have more choice than ever before to choose who supplies you with energy; it’s even easier to find a better deal elsewhere.
According to Ofgem, the Government regulator for the gas and electricity markets, around 7 million people have switched their supplier since 1999. That’s why we have teamed up with the Home Advisory Service to help you join them, and get the gas and electricity tariff for you. But before you jump in and start making those savings on your gas and electricity, it’s important that you find a plan to meet your needs. Our gas and electricity guide will help point you in the right direction.
Where to start
Perhaps you are want to shield yourself from rising energy bills, get more environmentally friendly deals to cut your carbon footprint, or manage your account online. Switching your energy provider can save you up to £320 (according to the Home Advisory Service).
There is a wide range of gas and electricity tariffs available for you to choose from:
• Dual Fuel
The same provider will supply you with both gas and
electricity
• Capped Tariffs
This tariff guarantees the amount you
will pay for your gas and electricity until a specified date.
• Online
tariffs
If you sign up online and agree to run your account online, you may
be offered a special tariff, lower than its standard one. That’s because they
save through lower costs, such as administration and billing.
• Economy
7
This tariff splits your usage into peak (day) and off peak (night)
But switching providers doesn’t mean you’ll ever lose your supply! Switching your gas and electricity provider has one result – lower bills! You’ll not be cut off, and there’s no need to change your pipes. The switch off date will be agreed between your old and your new provider. You can change your supplier as many times as you like too.
What to watch out for:
Gas an electricity companies have made literally millions in pounds worth of profit over the past few years. It’s crucial that before you sign up for a gas or electricity provider, that you are happy with the terms and conditions in the contract.
• Dual Fuel – Depending on how much you use or your location, getting
both your gas and electricity from the same company it is not always the
cheapest option, but one bill can be simpler to manage.
• Depending on
the contract, there may be a penalty if you leave it at any point. Fixed term
contracts may offer you a set price for a year, for example, and it can be quite
costly if you want to leave.
• The time of year you switch. The industry
tends to review its prices around April and again in October. Its then a good
time to check to see if you could benefit from the savings.
Paying less for your gas and electricity:
• Pay by direct debit and not on quarterly bills, as suppliers often
offer a discount if you set up a direct debit with them. Paying quarterly
usually works out more expensive than direct debits, as each different payment
will need to be processed by your supplier.
• Some providers will charge
extra penalty charges for late payments, or for cheque payments, as they need to
be processed.
• You may get a lower rate if you choose online billing.
Not only could it be more convenient, its better for the environment too
What to do next:
Moneyfacts and the Home Advisory Service can help find the right gas and electricity plan for you, it only takes a few minutes to switch providers. We’ll help you find the right plan, and your new provider will do the rest. You will never be cut off, the only change will be at your new provider’s end.
• Read our gas and electricity checklist
• Start the switch
today
