I saved £250/year switching energy provider

Helen Knapman's picture

Households are frequently told they could save up to £300 by switching energy tariff, but often it’s hard to be motivated even by figures as big as this.

So to help give you that extra push, I’m going to tell you my story. 

I moved into a new flat last year, and once everything was sorted out, checking the energy provider was high on my to-do list.

 

Now, the estate agent did tell me the supplier, but to be on the safe side I thought I’d double-check.

I used UK Power (ukpower.co.uk) to find out my regional distributor, and I gave them a call. I was told the flat was supplied by one of the big six energy providers, and that this had been the case since… the 1990s.

Yes, you heard that right, the energy provider hadn’t been changed since the Spice Girls sang about girl power and Leonardo DiCaprio (well, the character he was playing) slipped beneath the icy waters in the North Atlantic as the Titanic sank beside him. 

Once I recovered from this shock, I thought I’d double check I could save by switching – there surely must have been a reason previous tenants hadn’t switched I thought?

So I tapped my details into an energy comparison tool. It told me the cheapest tariff for me, which meant an annual saving of nearly £250 – plus £15 cashback on top – and I went through with the switch.

The new provider sorted it all out, I just had to provide meter readings, and it was simple as that.

There are an abundance of free online comparison tools you can use. Moneywise has its own, which you can find at moneywise.co.uk/compare.

I was surprised by the fact the people who’d lived there before me had languished on a pricey standard rate for so long, but perhaps they didn’t realise they were allowed to switch, or that they even could.

Just because you’re a renter doesn’t mean you can’t switch either – as long as you’re directly responsible for paying gas and/or electric bills, you can switch.

But, on a positive note, more people are coming around to the idea of switching. The latest figures from Energy UK reveal that 577,810 households switched energy provider in October 2016 - a three-year high.

Now there’s still a long way to go, but it’s worth spending a few minutes checking – it’s probably the easiest couple of hundred quid you could save in a few minutes.