The top 5 myths of switching energy suppliers
Switching energy might seem like a hassle, but it's one of the most effective and simple things you can do. Find out how you could save money by switching.
Why energy switching myths are false
Let’s say it from the start: Your energy supply will never be cut off. Switching supplier simply transfers account management and billing to a new company, there is no change to the physical delivery of your gas and electricity. The process is simple and Ofgem the energy regulator is continually pushing for the changeover to happen quicker. There are currently plans to make switching take as little as 24 hours. Just know that there is absolutely no chance you will switch suppliers to then find your gas and/or electric supply switched off.
Switching is very very easy. Did we mention “very”? Switching energy is a lot less painstaking than dealing with insurance, or bank accounts for example. If you have all the right information to hand you could be through the web form in as little as seven minutes or so. It would basically take you the same amount of time as it would to make and drink a cup of tea.
This myth doesn’t stand up to much scrutiny, either. While it is true that if you are regularly shopping the market, switching every year and always making sure you don’t get caught on a standard tariff you may not see massive savings every year, the majority of people are not as meticulous as you and are usually stuck on an expensive standard tariff. With estimates suggesting that only 45% of the population have switched, the savings we see are still quiteconsiderable. It is easy to save hundreds of pounds from your bills in just a few quick clicks.
Not necessarily! If you pay your supplier directly, and energy is not included within the rent that you pay the landlord, then you likely have the power to switch. Many renters are spending hundreds more a year than they need to, and typically renters are the ones on tighter budgets who could benefit the most from the savings that they make. (Always check your rental agreement first to be sure!)
This is also not true, and while prepayment tariffs are not as competitive as standard contracts there are differences in the discounts that suppliers will offer compared to one another, so it is still useful to shop around.
- • Your energy supply will never be cut off.
- • It will be fast, easy and simple It will likely take only a few minutes to switch & save
- in potential savings
- • It will take only a few minutes, and will be very simple.
- • No one will have to visit your home
- • Many people who on prepayment meters & renters can also switch & save on energy
Anthony is a content creator. He has written this article especially for ClearScore.