So, when is the best time to renew my energy contract? Renewing your energy can be an expensive time. You should check a few things before renewing your energy, we will talk about them in this blog. Register for the movingsoonhub and you will be able to set reminders for when your utilities are due to renew.
You should always make sure that you’re checking energy prices of competitors at least every year or whenever your current deal is coming to an end. This is because a lot of the time, renewal prices with the same provider are usually higher than taking out a policy with another supplier. You can do this through 3rd party sites that compare the rates.
You should make sure that you know the dates that your energy renews so that you can check out other deals before you are tied in to another contract. To avoid incurring these higher costs, keep an eye on the calendar and make sure you know when you’re eligible to switch to a new deal according to the terms of the one you’re currently on.
What time of year is best to renew energy?
The best time to switch your energy in the year, will be before the cold winter months start. This will depend on where you live, but usually it is the end of September and the start of October. This is when the days get shorter and there is less sunlight hours. During this time you’ll be using more electricity than usual for the lights and you will be using more gas for your heating to warm the temperature drop. If you make sure you are getting the best deal before winter should help you to save more money for when start using a lot more energy.
Will I be charged when I switch my energy contract?
The best time to switch your energy deal when you are still in contract, is when early exit fees have passed. This is so you are not charged for leaving early. The amount of time it takes to switch supplier can vary. The process could take up to a month to complete, even with the Energy Switch Guarantee which states that switches should take place within 21 days. Customers are able to switch to a new deal or supplier from 49 days before their contract ends. Ofgem (The government regulator for gas and electricity markets in Great Britain) states that exit fees should not be applicable to switches from within that window on fixed term tariffs. So make sure if you are switching, you do it within this time period to avoid being charged.
You can keep track of these dates yourself, but your provider should be alerting you. You can sign up for our movinghub to set reminders for your end dates and renewals.
Which is the most affordable energy contract option?
When renewing your energy or looking to start your energy, you may be wondering which option is the best for you. New deals, offers and providers appear all them time, but find one that is perfect for you can be tricky. What type of tariff you are on can affect this, there are pay as you go meters, smart meters and monthly fixed tariffs. You should assess which is the best option for you, if you do not have a lot of money, you may want to use top up/pay as you go energy so you can see exactly what you are using and how much you are using. You should be careful that you are not getting higher rates by doing this though, there are plenty of sites such as moneysupermarket.com and Martin Lewis, to see what is the most affordable and accessible energy for you.