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Things To Consider When Switching Energy Supplier

Guides | Energy

7th August 2014

Things To Consider When Switching Energy Supplier

If you run a business, your energy supplier is probably quite far down the list of priorities on a day to day basis. But switching your current supplier can make a huge impact in reducing the amount of money that you spend on Gas and Electricity.

Whatever line of work you are in, choosing the right deal is crucial when trying to save money. Here’s a few tips from Yu Energy to help you when choosing your energy supplier and comparing deals.

Speak to a few suppliers

Your current supplier may not have the best deal for you so speak to a few different suppliers and see what’s on offer. You can use your current prices as a benchmark to see how good the other companies compare.

Read your meter

If you take regular meter readings and send them to your supplier, they can build up a picture of the amount of gas or electricity you use over a period of time. It helps to know your consumption so other suppliers can give you more accurate quotes. Your meter has its own unique registration number (MPAN for Electricity and MPRN for Gas) which van be found on your actual meter but also your bills. You should give these to your new supplier.

Know what you signed up to

Make sure you know the terms of your current contract.  You should know when your contract end date is. This will give you the time period when you are able to tell your current supplier that you would like to switch. Currently, you have between 120 days and 90 days to let your supplier know that you’re leaving (that’s ages I know) but these can sometimes vary depending on suppliers. This is how many businesses end up being “rolled over” (for another year) or put on to “out of contract rates” (high rates).

Can your supplier stop you from leaving?

No, unless you are in debt with the supplier or on a fixed term contract where you still have time on the term left. If your contract has expired though you’re free to switch whenever you like.

Should you use Brokers?

A lot of businesses will receive phone calls from Brokers or TPI’s (Third Party Intermediary) that will offer to compare current prices with what you’re currently paying. This can be an easy way of getting a good view of what’s on offer but you must remember that they will be making money at some point along the deal whether that’s commission or a one off fee and they often don’t always represent all suppliers so you’re limited to what information they give you.

These tips are aimed at trying to help you ensure that you’re getting the best possible deal for your business and at Yu Energy we want to make sure you get the best prices whether you choose us as your supplier or someone else.

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