Have you recently checked out your energy tariffs? If not, then you need to be paying more attention to it now. Keep in mind that your energy bill doesn’t merely indicate or show how much energy you consume.
Take note that your postcode plays an essential role in tracking down how much you pay. According to your region, energy providers charge different rates, although they’re offering the same service. Even if there’s hardly anything you can do about price variations, you can look for the most affordable electricity provider in your region and ensure you are on the optimal tariff.
To save on your energy bill, it might be time to switch to a new supplier. For a little help, here’s how you can find one.
1. Compare Energy Prices
To analyze all the tariffs for every region as well as the payment method to discover the most inexpensive electricity supplier near you, you can leverage many online services such as the Compare Texas Electricity Rates, Prices & Plans at Eligo Energy.
To start, you need to register online your postcode or zipcode and information about your usage, tariff, and energy supplier. Once you’re done, you can compare deals throughout the market and get the best offer possible.
Keep in mind that aside from ensuring you are on the best available energy deal, you can keep electricity and gas bills to a minimum by making sure that your home is energy efficient. There are short-term measures to save energy that includes;
- Using low-consumption bulbs.
- Lowering down your thermostat by one degree.
- When using an electric kettle, it is wise only to heat as much water.
- Choose draught-proof doors and windows to cut down heat loss.
- Turn off standby electrical items.
What’s more, there are long-term measures to save energy that includes;
- Installing a condensing boiler.
- Proper insulation.
- Installing cavity wall insulation.
- Purchasing energy-efficient electrical items.
2. Switching Incentives and Refer-A-Friend
A lot of energy providers are now presenting or providing financial rewards for shifting to them. And it includes refer-a-friend deals. So, if you are invited to switch energy providers through a refer-a-friend scheme, ensure you check and examine the following:
- Customer service
- Exit fees
- Attached conditions to the switching incentive
- Price compared to other deals
- Price of the tariff
3. Variable Vs. Fixed Energy Tariffs
More often than not, energy deals arrive in two types: variable and fixed. The question now is, which is best for you? Variable tariffs can alter in price every time your energy provider changes its rates. The default tariff of your supplier will typically be a variable deal.
That said, if you are committed to an energy provider for a couple of years, or did not change after your fixed tariff ended, it is likely that you are on its default tariff. Take note that default tariffs are liable to a price cap, which is a cap on the price for every energy unit, not on your total bill.
Even so, a few small energy suppliers provide variable tariffs that are more affordable compared to large suppliers. Although they can alter their rates too, these suppliers are surely worth considering, especially if you want to pay less without a fixed contract.
On the other hand, fixed tariffs settle the amount you pay for every energy unit you consume for the particular period. Meaning, you know the price beforehand, and it will not increase throughout the contract period. Therefore, if the energy provider increases its prices, yours won’t. However, you will not benefit if the prices decrease, either.
Which is more affordable between the two? Well, the most inexpensive deals out there tend to be a combination of variable and fixed. As such, it is not easy to choose between the two.
4. Avoiding Exit Fees
Before you even decide to change the energy provider, be sure to check the agreements or terms of your deal. If you choose to withdraw a fixed tariff before your contract ends, you might have to pay an exit fee.
However, do not let this dismay you because not all fixed-term deals include exit fees. So, if you switch, better choose one without exit fees. Also, your energy provider cannot charge an exit fee if you shift provider in the last forty-nine days of your term. Moreover, if you are moving home, you don’t need to pay exit fees.
If you have switched energy providers, there are a few things you can do to ensure that your bills are accurate. You can send your meter readings to your provider to ensure you are being billed only for what you consume. Aside from this, you can ask for a refund if you are unduly in credit.
Also, be sure to determine the end date of your fixed-term tariff before you switch to a new deal so that you won’t be moved to a default tariff.