How to change energy suppliers and save money

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Many of us have been with the same utility supplier we inherited from the people who lived in the house before us.

Changing suppliers may seem like a time-consuming task, but just sticking with what you know could be costing you more than your time! Here's what you need to do if you're considering switching suppliers to make a saving:

Look out for any fees

Some providers charge early cancellation fees if you want to switchover before the end of a fixed-term. It may still be worth doing if the penalty is smaller than the savings you could be making by switching.

Analyse your bills

Start by gathering together a few of your most recent bills from across the seasons and get an idea of how much energy you use on average as well as how much you're currently paying for that usage.

See what's out there

Armed with a clear view of how much you're spending, you can head back to comparison sites like MoneySuperMarket to hunt for a better deal. They don't all feature the same providers, so try a couple to get the best overview.

Search by usage information

To make sure that you're truly comparing like-for-like, you should enter the energy usage for your household.

Search by location

Energy prices are different all over the country and are set according to where you live - some suppliers only serve particular areas. You need only be concerned with the cheapest supplier for your area, so narrow down your search comparison sites by using your postcode.

Time to switch

You've found the perfect deal, and now all you need to do is provide your address and bank details. If you set up a direct debit, you'll usually get a cheaper deal.

What next?

It'll take roughly 17 days for the switchover to take place and you'll have a 14 day “cooling off” period if you do change your mind.

Don't worry, there won't be anyone coming over and tinkering around with the pipes in your house and you won't be left without any hot water or electricity while you're waiting for the switch to happen. The only change is the company that bills you.

Your old supplier may contact you asking for your final meter reading to ensure that your final bill with them is accurate. After the switch, you'll probably receive some introductory information from your new supplier.

Sit back and enjoy the new saving you're making.

Our articles cover a wide range of mainstream financial products and employee benefits. Terms and conditions of each product may vary depending on your provider. Please ensure you check the specific terms and conditions of any financial products and employee benefits available to you from your employer.