Switching energy provider makes great sense – especially if you can get your hands on the cheapest energy tariff in the UK*.
If you've never switched energy provider, you're far from alone.
According to Ofgem, the gas and electricity market regulator, around 10 million people are still with the same firm they've always had.
If you have switched at some point, you'll know why this matters.
Standard variable rate (SRV) tariffs – the ones most people who've never switched are on – are much more expensive than the cheapest deals available. So there are big savings to be had by shopping around and switching.
Take the latest exclusive offer from MoneySuperMarket. We're offering a 1-year fixed rate tariff with EDF Energy that's priced at £724 a year for an average household (fixed rate means the price you pay for each unit of energy you use is fixed for the duration of the tariff).
That's £339 a year cheaper than an SVR from one of the big energy providers†.
But if you want to take advantage, you'll have to move quickly.
Here's what you need to know:
The EDF Energy May 17, 1-year fixed tariff is available exclusively through MoneySuperMarket:
- The tariff is only available to new EDF Energy customers
- There is a cap of 25,000 customers, and it will be withdrawn anyway on 20 May 2016 – when it's gone, it's gone!
- For typical households, there will be an average annual bill of just £724
- You have to manage your account online
- If you switch to another tariff during the fixed period, you'll be charged an exit fee of £25 per fuel.
Don't be afraid to flick the switch!
Switching itself is straightforward. It takes around five minutes to run a quote on a price comparison website, and another 5-10 minutes to complete the transaction after you've clicked through to the supplier.
It should then take no more than 17 days to complete the switch itself.
All you have to do is send meter readings, when asked, to your old and new suppliers. The new supplier will handle all the other admin.
There'll be no work done at your property or in the street outside.
In fact, the only thing you should notice about the switch is the fact that your bills will be lower in the future!
Video: Five energy switching myths – busted!
*Based on dual fuel, monthly direct debit and Ofgem average usage of 12500kwh Gas and 3100kwh Electric averaged across all regions
† The average Big Six standard variable tariff is £1,063, based on monthly direct debit, dual fuel and Ofgem average usage figures on paperless billing.