All energy providers in the UK regularly add new plans and change tariffs making it more challenging to determine the best time for switching.
Many energy experts agree that it is worth your while to check and compare prices at least once every six months or once a year. To compare prices, all you need to do is enter your postcode, and you will get the information you need within seconds.
Why switch utility providers?
For businesses, gas and electricity make up a large percentage of overhead costs. As such, any amount of savings you get will translate to higher profit. Unfortunately, there are still many companies that fail to take advantage of the savings they can get by switching.
What happens when you do not switch is that the provider will almost always put you on a more expensive tariff after your current contract expires. The only way you can prevent this is by transferring to a new utility provider. In determining the best time to switch, consider the suggestions below.
Increase in gas and electricity prices
Although it is not always predictable, there are times when the general public gets informed of impending price increases. Usually, when one provider increases costs, the rest of the other providers follow suit. If you want to avoid paying higher rates, switch to a new plan or a fixed rate plan as soon as possible.
Comparison websites like Utility Bidder provide convenient services where you can quickly get a quote from several suppliers and compare the prices. Bear in mind, however, that fixed-rate tariffs will be in high demand before an impending price increase and you need to act fast before offers run out.
When was the last time you switched providers?
New customers usually get a better deal, but this deal is for a limited amount of time only. When it expires, expect to pay a higher tariff. It is typical for companies to forego switching from one provider to another and often end up paying a higher amount as a result.
Switching is a straightforward process. All you need is basic information about your company and the plan you are currently on. For added convenience, you can contact an energy broker or complete switching providers online through a comparison website.
Switch before winter sets in
Cold weather combined with few daylight hours means higher energy consumption. Naturally, if your company uses more energy, you will also pay a higher tariff. Ideally, start comparing prices in summer or early autumn to get the best deal and close a fixed-rate contract before winter arrives.
How long does it take to switch providers?
One of the main reasons why some companies forego switching providers is the impression that it will result in service disruption or that the process is long and tedious.
Comparing quotes is simple, and you can do it within minutes, but the entire process of switching from one provider to another can take up to a maximum of two weeks. Nevertheless, it will not cause any service disruption nor inconvenience to the businesses’ operation.
