I’m quite a stickler for money saving, as my readers will know. I love being able to cut back the household bills in order to have more treats in life. Whether it is a break to Centerparcs, treats for my friends & family or just having a nice emergency fund money saving is important to me. Anything that can help me save a few pounds per year is great. I always ensure that every year, before Winter, I look at my utility bills. Switching energy tariffs is something that you should be looking to do on a regular basis, to get the best savings. At least once per year is ideal.
I saved £137 switching energy tariffs & you could too!
Firstly I started by proving an accurate meter reading to my current energy company. This means that I can get an accurate picture of the energy that I use per month or even per year. I prefer to work with a yearly figure, for the most accurate savings. Also, energy use will differ throughout the year so it is best to have an accurate annual figure to see what you can save per year. Any saving will be even larger through the Winter months and you want to take this into consideration.
Once I had my annual usage for gas and electricity I was ready to begin switching energy tariffs. For me switching energy tariffs always seems like it is going to be a pain in the neck but usually just takes a few minutes. I like to use an energy price comparison tool. I can enter my postcode, my usage in either money or kWh and then wait for the results. There is no need to even create an account when using this tool – another time saver!
Waiting for my energy price comparison results took just one minute!
When the results are displayed on the energy price comparison tool I always double check them. I personally like to do the sums myself. This sounds complicated but it really isn’t. Just take the daily standing charge and x it by 365. Then take the pence charge per kWh and x it by the amount of kWh that you use. This is the total cost for either your gas or electricity. Then repeat the process once more if you are looking to switch dual fuel.
Once I know that I am happy with the new price, and provider, I could proceed with switching energy tariffs. When I was switching energy tariffs previously with the same provider I was able to complete this online. It took about 2 minutes and was a breeze.
How I saved money by switching energy tariffs
On a previous occasion I was switching energy providers. What I did on this occasion was click ‘Proceed’ and then I was able to fill out my details. The transfer of details was taken care of for me. The new energy company read the meter, as did I, and I provided the old readings to the previous company. I then received a final bill. Also I cancelled my direct debit with my previous provider, to ensure that I didn’t overpay. To avoid any nasty surprises I put up that months direct debit money ready for covering the last of the final bill, and paying a bit extra to the new company.
Overall the whole process of switching energy tariffs was much easier than I thought. I now ensure that I do this every year, before Winter. I like to lock in to a fixed price tariff. On occasion this is £10-£20 a year dearer than the cheapest tariff, however it means I don’t have any worries about prices increasing. If you are going to tie in to a fixed tariff then ensure that you are aware of any exit fees. One year the prices dropped (seems to be rare now!) and I only had to pay £20 to exit both of my energy tariffs and enjoy the discounted fixed price for a year.
Are you planning on switching energy tariffs?
Why not give the Go Compare energy price comparison tool a whirl? It is free, you can see tariffs that you can’t switch to online too, if you want to, and it takes just minutes. From start to finish you could have finished switching energy tariffs in under 10 minutes. You can use details of your annual usage, annual spend or even just work on an estimated usage. I would strongly advise having accurate figures though to ensure that the discount is the best it can be. Also, be sure to look on TopCashBack to see if you can make yourself any money for switching!
Fancy saving some more money? Look at saving money on your car insurance.
What about making money? Check out my favourite ways to make money online.
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