Can Five Minutes Of Your Time Really Save You £100s A Year?

We are helped out in this day and age when it comes to wanting to switch energy suppliers, but most of us are still very cynical of the whole process. Did you know it can take as little as five minutes to switch, and you could save around £200 in the process over the whole year? Think what else you could spend that money on. Home interiors? Holiday money? Clothes? For just five minutes of your time, it’s silly not to save yourself some money.

According to the Money Advice Service, the best way that you can save money on gas and electricity bills is by switching your supplier. It doesn’t matter whether you rent or own your home, you should still be eligible to switch. All you need is an annual energy statement so you can accurately see how much you’ve been using; this is something you can get from your current supplier. You will also need your bank details to hand when it actually comes down to make the decision.

There are many different ways to save money on your energy bill. Most people automatically look into dual fuel deal tariffs because it’s easier to pay when your gas and electricity come from the same supplier. This can usually work out well, because most companies will offer some discount for customer loyalty. However, research carried out by the company (albeit back in 2014) revealed that if households went to separate providers, they could save as much as £55 per year, possibly more in other areas.

If the ever-growing energy hikes concern you, moving to a cheaper fixed tariff could save you money. There is no evidence that energy prices are going to start declining in the next few years, so it’s a safe bet opting for a lower fixed tariff. Then, if prices do go on the increase with your supplier, you can rest assured that you won’t be pressured into paying higher bills.

You can find many comparison sites on the Internet now that will compare what you’re already paying for, to the current tariffs out there. However, don’t fall into the trap that a lot of people do and opt for the lowest price you can in return for a poor service. Try to find the right balance of saving the pennies and excellent customer reviews to make the most of the switch.

The Savvy Woman blog suggests using a comparison site that is Ofgem accredited because it means you’ll see ALL the deals, not just the energy suppliers paying them commission. They also suggest making a note in your diary for when the deal runs out so that you remember to look for a better deal before ending up on the standard tariff. Although there are companies that can take care of all of this for you.

According to writer Sarah Pennell, apps such as Flipper and Voltz will switch you onto the best deal as soon as your existing one runs out. Flipper costs £25 a year but it will only take this payment if they can save you at least £50 each year. Similarly Voltz will keep track of your energy payments and when you come to the end of your deal, they will alert you to better tariffs but not automatically change everything for you.

Things to look out for when you do come to switch are hidden costs to your final bill from your previous supplier. You should know how much energy you’ve used and in return how much you have paid for that energy. If you calculate that you’re all paid up and they actually owe you money then tell them; however, if you pay via direct debit you may find that your final bill is quite expensive. Finally, remember to keep dated readings of your meters throughout the switch so that you don’t end up overpaying anyone.

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