Moving House? Switch Energy Supplier

Moving house is a great time to start fresh with a new energy tariff, and put some extra money in your pocket to help you kit out your new home. In fact, you could save hundreds of pounds by switching—a recent Ofgem study showed that a study of 90,000 disengaged customers who had been on a default standard variable tariff for three years or more switched saved an average of £263.

Drop in Energy Quality?

Your new energy will be the same as your old energy. One concern people have when it comes to energy switching is wondering if they will face some drop in the quality of their energy. Will the lights dim and the washer stop mid cycle? The answer is no!

All energy comes through the National Grid. By changing energy providers you are only changing the service company you deal with for bills and any customer service issues that may arise. You'll get the same gas & electric into your house (even if you switch to a "green energy" company).

Think of your gas & electric like a Samsung TV. If you want a new TV for your new home and decide on a Samsung LRD Full HD 32", you’d shop around for the best bargain. It doesn't matter if you buy the Samsung TV from John Lewis, Curry's, Argos or Amazon—you'll get the same TV in the end. But if Curry's is offering the TV for £20 off, you'll probably buy from Curry's. Energy is the same principle. Regardless of your energy supplier, you're getting the same energy into your house; you're just paying a different price and dealing with a different company for billing and customer service issues.

Energy Prices Rising

Energy prices are on the rise in the U.K. Knowing how to price check the energy market and switch is more important than ever.

The more energy we import from abroad, the more susceptible our home energy costs will be to currency fluctuations. The UK currently imports nearly half of its energy from abroad (a figure that has risen steadily as UK North Sea oil production has declined), as you can see from the following chart.

% of UK Energy that is Imported

While global oil prices have remained low, we are now feeling the knock-on effects of the post-Brexit GBP slump.

Can you Switch Energy Suppliers if you Rent?

Yes, you can switch energy suppliers as a renter - if you pay the gas & electric bills directly to the energy company (i.e., your energy is not included in your rent/paid for by your landlord). Read your tenancy agreement carefully – you may be required to let the landlord know you’re switching and you may have to return to the original supplier when you move out (your landlord may have a preferred supplier listed in the tenancy agreement).

The same applies to your method of payment. You are permitted to switch, from say a prepayment meter to a credit meter, but you may need to return the meter back to the original at the end of your tenancy.

Whether you are renting or buying, there are a few simple steps to remember when moving house. These steps essentially draw the line between your energy usage and that of the previous or next occupier, depending on whether you're moving in or out, respectively. Save yourself a potential headache.

With wholesale energy prices on the rise, it’s even more important to be quick to pull the plug on an expensive tariff. Switching may take a few weeks, but the steps are relatively simple if you know what to do. To learn how to switch and what to look out for, read the Energy Switching Guide from ValuePenguin UK. Perhaps you’ll save enough on your energy bill to pay for a new TV!

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