Energy Comparison: The best way to battle price hikes!
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Frequently Asked Questions (FAQ) on Energy Comparison

What can I do if my energy bill is too high?

If your energy bill has gone up or you have received a letter from your energy provider informing you that your bill will increase, you can compare your tariff and see what the best deal available in your area. Use our energy comparison tool to see the best way to reduce your energy bill.

You can also see the My Utility Genius energy guide for money saving tips.

How do I switch my energy provider online?

1. Go to our energy comparison site and select the type of energy tariff that you have. Enter your post code when prompted in order to see which energy providers and tariffs are available where you live.

2. Use the information from your energy bill to answer the questions that follow. These questions will help the energy comparison site understand what your energy bill looks like.

3. Submit the info and view the results. You will see what your energy bill would look like from other energy providers and tariffs. You will see how much money you will save each year from switching and what each energy tariff offers.

4. Select the most appealing offer and fill in your details that you want associated with your new energy bill.

5. Receive a confirmation email and wait while the new supplier terminates your old contract. They will arrange to set up the new service with you without interruption.

How long does it take to switch energy supplier?

Arranging to switch on our energy comparison sites can take as little as 15 minutes.

Many people look at a couple of different energy comparison sites.

Changing your gas and electricity supplier should occur within 17 days of the date that you requested to switch energy supplier. Within this 17 day period, you have a 14 day “cooling off period” in which you can change your mind. Your new energy provider will contact you to arrange a convenient time to switch without interruption to your service.

What is an Economy 7 Meter?

An Economy 7 Meter is an energy plan that charges you a normal rate for the energy used during the day and a reduced rate for seven hours at night. If you have an Economy 7 Meter you will see two different rates on your energy bill or two sets of numbers on your energy meter.

How much can I save by using energy comparison and switching energy suppliers?

If you use our energy comparison site, you can save anywhere between £250 to £800 each year depending on your energy consumption and current tariff. Some people even save as much as £1000

See how much My Utility Genius’s powerful energy comparison tool can save you! Just grab your energy bill and use our energy comparison tool!

Will I be charged an early exit fees if I switch energy supplier?

Early exit fees may apply if you switch your energy provider before your existing contract has ended. Especially if you have a fixed tariff.

Typically, exit fees on fixed tariffs will cost you around £25 to £40 in fuel. This may likely be an economical trade off if you are switching to an energy provider that can offer you a much cheaper energy deal.

If you switch to a different energy plan with your old energy supplier, you may want to ask them to waive the exit fee for your old tariff.

Be sure to contact your bank and stop direct debit payments from going to your old energy provider.

Is it better to have a Standard Variable Rate tariff or a Fixed Rate tariff?

Trying to figure out if it is better to have your energy bill fixed or variable?  Check out this energy bill hack:

On average, Standard Variable Rates tend to be more expensive to your annual energy spend and are subject to price hikes and market fluxes.

“Standard” tariffs are generally the most costly tariffs offered yet most energy customers find themselves on them.

Fixed variable rates allow you to secure a price for 12+ months that will not be subject to price increases during the length of that contract. They may also be associated with early exit fees of £25-£40 if you switch before the fixed tariff contract ends. In the long-term, you end up saving more money but also risk overpaying if there is a price decrease in the energy costs of your supplier.

Use our energy comparison tool to secure the best tariff available to you. Make sure that you become an engage energy customer and regularly check for the best tariff available to you.

Can I switch energy suppliers if I have an existing debt with my current energy supplier?

The answer is Yes! If you have been in debt to your supplier for less than 28 days then you can still switch and the outstanding balance will be reflected on your final bill from your old energy supplier.

If the debt to your supplier has been there for more than 28 days, you must repay the debt before you switch. If the fault of your debt belongs to your supplier, then they cannot stop you from switching.

If have a prepayment meter and you owe more than £500, you must reduce your debt to £500 or less before you can switch. The new energy supplier must also agree to accept you as a customer.

How do energy comparison sites make money?

In light of our ethical stance, we want to let you know that My Utility Genius, along with all energy comparison sites, has commercial deals with some energy suppliers. We receives a small commission payment if you decide to switch with us. Clearly we would want to have a commercial relationship with all of the energy suppliers.

Whatever our commercial position with a supplier it does not affect how we rank energy suppliers and their tariffs in your results page.

How many domestic energy suppliers are in the UK?

There is a rapidly increasing number of domestic energy suppliers in the UK. Our research shows that 50 energy suppliers have entered the market since 2014. There are 62 registered domestic energy suppliers currently active compared to 19 domestic suppliers in 2012.

Most energy suppliers offer both electricity and gas. Only 5 suppliers offer gas only services to customers.

There is a very good chance that your lights are kept on by the “Big 6” (British Gas, EDF Energy, E.ON, npower, Scottish Power & SEE) who collectively control 83% share of the market as of Q1 2017 (Ofgem Data).

2016 and 2017 have been record years for switching from the “Big 6” to smaller energy companies. Smaller energy providers can offer competitive rates and focused customer service. Smaller energy providers also do not have to hike up their energy price to keep shareholders happy, contribute to a chairman or CEO’s seven figure salary.

What does MyUtilityGenius do with my details?

My Utility Genius is a secure site and your details are not sold, distributed or passed on to any other entity besides the company that you have selected to switch to.

What is the risk of switching to a company that I never heard of?

When you use our energy comparison site, you may see that you can save A LOT of money by switching to an energy supplier. Some of these might be suppliers that you have never heard of. Now we get that the first thing that may go through your head might be “I can see there is a massive savings to be had but I don’t want to switch and end up getting burnt”.

We understand your concern and want to reassure you. The risk of interruption to your service in switching to a smaller energy supplier is nil. There are steadfast provisions in place to make sure that your service continues without interruption no matter what happens to your energy supplier. Even if a freak accident happens like a tree falls on a power line in your area, your local energy distributors will fix the problem, not your energy supplier.

If at any point you are not satisfied with your energy provider or the price of your energy tariff, you can:

  • Make a direct complaint on their website or over the phone
  • Switch tariffs or energy providers using our energy comparison site for a minimal exit fee (usually £30 on ending a fixed tariff)
  • Do your homework and read our energy guides for money and energy saving tips
  • Complain to Ofgem and the Energy Ombudsman
  • Change your mind within 14 days of switching

What is the catch?

Many times, people ask this when they see how much money they can save by using our energy comparison site to switch their energy provider.

They ask “If switching energy providers is so easy and can save you so much money on your energy bill each year, why isn’t everyone doing it?”

The answer is that many people don’t realise that they can and continue to pay, even when their provider rewards loyalty with price hikes.

Our mission is to show domestic energy consumers the best deal available to them because we believe that millions of people in the UK are paying too much for their energy.

We have commercial contracts with many of the energy suppliers that we show. This does not affect our rankings. The companies are ranked according to how much money they can save you. The commercial contracts allow us to receive a small referral fee paid by the energy companies for each switch made. To see which companies we have commercial contracts with, see the link below.

You can click here to find the list of all UK’s energy suppliers My Utility Genius compares prices from as well as the energy suppliers My Utility Genius has a commercial agreement with.

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November 24, 2017, 1:14 pm
 

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