Is Your Energy Tariff Reaching its End?
Is your energy tariff plan coming to its end, if so, take some quick actions to avoid a price hike for your gas and energy usage. Even if you are currently on a fixed price tariff or discounted tariff, it is not going to last for very long, and when it reaches the end of its term, you may find you have been switched to a standard yet expensive energy price. Here are a few things you need to be aware of regarding your energy plan before you reach that stage.
When Should you Consider Switching the Tariff Price?
As per the Office of Gas and Electricity Markets (OFGEM), consumers have the right to be notified in advance about their energy tariff ending, which means a period of 42-49 days before the plan’s end date. This time makes it easier for you to come to a decision about switching your current supplier, and it should not be taken for granted, as it requires nearly three weeks (including 2 weeks cooling off period and three days for switching) to change to another energy supplier. It is best not to go beyond the given time or you will end up paying extra for the overlapping period.
Upon receiving the letter sent by your energy provider, look through the details of different tariff plans that you can make a choice from. You should select the one with the best tariff in the market after carrying out a thorough online energy comparison. Make sure the information you gather is from an impartial energy comparison site, to avoid switching to an unsuitable supplier. It is true that the supplier is required by law to inform you about any cheap gas or electricity plans, but it is highly likely that there will be limited choices, so you are free to conduct your own research.
Even if all the tariff plans in the market seem to be more expensive than your current plan, still consider switching your supplier, because your energy plan is reaching its end and you don’t want to pay more than you should. The only difference now is that your aim should be to find a price that is lower in comparison to others instead of one that will save you a lot of money.
Types of Energy Tariffs
There are many aspects that have to be taken into account before you make the switch from one price plan to another. Factors, such as your location, your current tariff plan, and energy consumption, matter in your decision making. The most economical plans can be found online, so check various gas and electricity suppliers since they offer:
- Cheaper rates owing to lower administration costs
- Better discounts
- Efficient management of accounts online (paper billing is also offered)
- Correct billing as metre readings can be presented online
In addition to online tariff plans, you should also check out fixed tariff plans. Particularly, when you know that the energy prices are likely to rise in the coming years, so you can select a fixed price plan to avoid the high prices in future.
Ways to keep energy costs down
- Choose the most inexpensive energy plan or a considerably good fixed price plan
- Make sure you use only as much energy as needed at a given time
- Consider reducing your thermostat by few degrees and draught proof your house’s doors and windows
- Good insulation in the house keeps energy costs at a minimum.