Top Tips for Saving Money on Your Utility Bills

money saving

When it comes paying regular household bills, it seems almost inevitable that a certain inertia sets in.

Utilities are probably a good case in point – you paid the month before, your consumption may have gone slightly up or down, but essentially nothing much changed. The result is that you pay the current month’s bill without a second thought.

Giving your utility bill that second thought, however, might leave to one important, significant change – the price you pay for whatever you consume. Nothing else change, but switching your supplier might save you money.

If you are attracted to that prospect, how might you go about finding the best energy deals?

Energy shopping

– the government’s energy market regulator, Ofgem, is actively involved in making life easier for consumers who want to go energy shopping in order to secure the best deals on their supplies;

– indeed, Ofgem stresses that sales from suppliers of gas and electricity in this competitive market are made by responsible and professional providers;

Making a switch

– whether you are an owner occupier of the home you live in or a tenant of let property, you may be able to save money by switching suppliers;

How to compare suppliers

– if you are in search of the best energy deal and looking to switch suppliers, there is some information you need to have to hand in order to make your comparisons;

– the name given by your current supplier to the tariff you are on at the moment;

– the sum you spent on the energy you consumed during the past year – if you don’t know, your current supplier is obliged to inform you of your average consumption;

– your current energy bill;

– your postcode;

Compare prices online

– armed with that information, it is easy to compare the price of what you are currently paying against the price that is available from an alternative supplier;

– if you have never changed suppliers in the past, there is a very high probability of your finding a cheaper supplier by switching now;

How is the switch done?

– in a word, very easily;

– the entire process of switching is done by the suppliers themselves, without any disruption to normal delivery of supplies, although the process may take anything up to eight weeks;

– your new supplier takes over on the final day the switch is made;

– you may need to pay any outstanding bill to your previous supplier, although if that came from a prepaid meter, you are typically allowed to switch with a balance of up to £500;

– if you were on a fixed-term contract of supply, your previous supplier may charge you a penalty for ending that agreement and switching to a new supplier;

– a cooling off period is always granted if you change your mind between agreeing to switch suppliers but before any new contract has been agreed or signed.

There may be one very good reason for stirring from any inertia and seriously considering a switch of energy supplier – it may save you money on your utility bills.

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