It's never too late to switch energy provider and save | Tenant news

The energy price cap  rose by 4% on 1 October , which means some households could pay more for gas and electricity over the coming months.

The good news is that you don’t have to stick with your current deal, and you could save money by switching to another tariff, which is the pricing plan or contract set by your supplier that decides how you are charged for your gas and electricity

Check your tariff

Start by checking your latest energy bill or online account. Look for the name of your tariff, when it ends and how much you’re paying for your gas and electricity.

If you’re on a fixed deal that’s ending, you may be able to switch to a new tariff before your current deal finishes. Your supplier should let you know when this is happening.

If you’re on a standard variable tariff, you can also compare other deals. Some suppliers may offer fixed tariffs that could give you more certainty about what you’ll pay for a set period.

A fixed tariff doesn’t always mean you’ll pay less, so check the full details before switching. Look at the unit rates and standing charges, as well as any exit fees.

Compare your options

You can use an energy comparison service such as Uswitch or MoneySuperMarket to see what deals are available and how they compare with what you’re paying now.

It’s worth looking at how each deal compares with what you’re paying now, rather than just the estimated annual cost. Check the unit rates, standing charges, contract length and any exit fees.

If you decide to switch, your new supplier will normally handle the switch for you. Your gas and electricity supply won’t be interrupted.

Need help with costs?

If your energy bills are becoming difficult to manage, don’t wait until you’re behind on payments. Speak to your energy supplier as soon as possible too as they may be able to offer support or agree a payment plan.

It’s also worth knowing that the cost of electricity has been reduced slightly by a change to VAT. From 1 October, VAT on household electricity has been cut from 5% to 0%. This will stay in place until 31 March 2027, so the electricity part of your bill should be a little lower.

Our Cost of Living Support Hub has information about help with energy costs, benefits and other financial support. You can also find information on organisations that can offer advice about what you can do if you’re worried about keeping up with your bills.

Useful links

• Ofgem – find out how switching works and what you’ll need.
• Citizens Advice – find out more about different types of energy tariff.
• SwitchSquid – compare energy tariffs and see what deals are available.

 

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