Can I save simply by switching energy plans with the same supplier?

Are you unsure where to start when it comes to energy tariffs?

In order to help you decide if switching to a fixed price plan is the right thing for you, take a look at our list of pros and cons of fixed energy tariffs.

Pros

  • Savings and Piece of Mind – Potentially saving money in the long term compared to standard energy tariffs, and you can budget more effectively for your household bills.
  • Big Choice of Energy Plans – fixed rate energy plans are popular and you have many options for cheap, long-term fix, and some plans are without early termination fees.
  • Choice of Energy Supplier – nearly all energy suppliers offer a fixed rate energy plan now, and we can help you compare fixed rate plans from all gas and electricity suppliers in the UK.
  • Competitively Priced Energy Tariff – a lot of the fixed price energy plans on the market are highly competitive compared to variable standard plans.

Cons

  • Set Price for a Period of Time – Fixed price plans can turn out to be more expensive than the cheapest variable tariff in a few moths time.
  • Exit Fees – Typically these can range between £5 to £40 for switching away before your contract ends. However, you can find fixed plans that do not have an exit fee, so you’re free to switch plans anytime if you find a better deal.

The graphs below illustrate the difference between a supplier’s Standard Variable product and their Cheapest Dual Fuel Fixed Tariff available on the market as of 19 January 2014.

The comparison has been conducted using Ofgem Average Usage figures ( 13500 kWh Gas and 3200 kWh Electricity) per year.  The data does not contain Economy 7 meter type.

Switching Energy Plans: Are you on the best Dual Fuel tariff with your current supplier?

Are you on the best Dual Fuel tariff with your current supplier?

 

Switching Energy Plans: Suppliers whose cheapest Dual Fuel tariff is also their Standard Variable tariff

Suppliers whose cheapest Dual Fuel tariff is also their Standard Variable tariff

 

It is easy to see which supplier’s standard variable prices are way off the mark compared to their cheapest tariff, conversely which suppliers top ranking tariff is so close to its standard price it’s regarded as a pretty useless tariff to switch to directly.

The graphs show whether a suppliers standard variable tariff is also its cheapest option. We can determine relative to other suppliers whether the difference between standard variable and top dual fuel tariff is vast.  For example because a suppliers’ standard prices are inherently poor, any new tariff positioned against this will inevitably look good.

The range in tariff costs per supplier identifies supplier pricing strategies as well, it also enables us and you to know at a glance which customers, when with a particular supplier, are being “overcharged” with confidence before a comparison is even made.

Cut your energy bills with MyUtilityGenius

The average saving when switching energy plans for our customers is £262. This figure is the average estimated annual saving for customers who switched suppliers through MyUtilityGenius between 1 January 2014 and 1 November 2014. When you’re ready, you can start comparing energy tariffs with us and we’ll help find the best deal for you. Switching energy plans for you has never been easier and we’ll make sure it happens smoothly.

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