We make it easy to compare electricity prices, choose a new deal and make the switch in seconds. When it comes to your electricity bills, you’re going to be vulnerable to changes and price hikes. This is, unfortunately, part of the process. Many companies raise their prices at different times, so you need to keep your eyes on the market. If you’re dissatisfied with continuous price hikes, you need to think about changing suppliers. Switching your electric tariff is a hassle-free way to save money every month. With no disruption to your supply, simply compare electricity prices, choose the best deal for you and watch your savings roll in. We compare the leading electricity suppliers to bring you the cheapest deals in your area.
HOW MUCH DOES ELECTRICITY COST?
Electricity prices depend on various factors, so there’s no one set price across the industry. The price you pay will depend on the supplier you choose, the tariff you select and, of course, how much electricity you use at home.
As electricity tariffs can vary so much, it’s important to be proactive about the provider and plan you’re on. When you compare electricity prices, you get up to date pricing info and access to providers who offer the best tariffs and rates for your needs.
WHAT DIFFERENT TYPES OF ELECTRICITY TARIFFS ARE THERE?
With numerous different electricity tariffs available, it’s important to know how they work and which ones offer the most savings. It’s worth noting that domestic (household) electricity tariffs and business energy tariffs vary, so make sure you’re searching for the appropriate type of tariff for your needs. The most common types of electricity tariffs are:
FIXED-RATE
This means you’ll pay a fixed rate for every unit of electricity you use before your deal ends. Electricity is measured in units, or kilowatt-hours (kWh), so the total amount of your bill will still vary depending on how much electricity you use. However, the amount you pay for each unit will stay the same.
VARIABLE-RATE
With a variable rate, the amount you pay will vary depending on how much electricity you use but the amount you pay for each unit could change too. The cost of each unit will depend on how the market changes, so you could pay less than on a fixed rate but you could pay more, depending on how the market changes.
GREEN
A green energy tariff ensures that at least some energy comes from renewable sources. As more people are motivated to access environmentally friendly alternatives, these tariffs are becoming increasingly popular. Currently, you can choose electricity tariffs that are 100% green from some providers.
FEED-IN
If you have an energy source on your property, such as solar panels, you could use this to power your own home or business. In addition to this, you could generate income by selling excess energy that’s produced to electricity companies. Almost any form of renewable energy can be used for a feed-in tariff, so there is plenty of scope to explore alternative energy options.
ECONOMY 7
This is a type of variable rate tariff, so the cost of electrical units, or kilowatt-hours, will depend on market performance. However, on Economy 7 tariffs, you’ll find that the cost of each electrical unit varies depending on when it’s used. Typically, a unit is cheaper during the night on an Economy 7 tariff, than it is during the day.
PREPAID
Many people use tokens, cards or keys to top up prepayment meters, rather than paying by credit. The cost per unit can be a little higher when you prepay but it can be an ideal option if you’re sticking to a tight budget.
HOW LONG DOES IT TAKE TO SWITCH MY ELECTRICITY SUPPLIER?
Undertaking an electricity price comparison with SwitchMyEnergy.com takes seconds. Once you’ve chosen the deal you want, we’ll let your new provider know and they’ll begin the process of switching over your supply. Typically, this only takes between two to three weeks, so it won’t take long for your savings to start showing.
DO I NEED A SMART METER?
Some electricity suppliers offer special deals or promotional rates to customers who already have a smart meter or who choose to have one installed. However, you don’t have to have a smart meter to compare electricity prices or to switch to a cheaper deal.
WHAT IS A DUAL FUEL TARIFF?
A dual fuel tariff means you receive more than one supply from the same company. You may choose to get your gas and electricity supply from the same company on a dual fuel tariff, for example. Dual fuel tariffs can often be cheaper, but this isn’t guaranteed, so it’s worth comparing prices individually and jointly to find out what’s best for you.
CAN I SWITCH ELECTRICITY SUPPLIERS IF I’M A TENANT?
Yes. If you’re responsible for paying for your electricity bills, you can switch to a new tariff or supplier, even if you’re a tenant.
CAN I SWITCH ELECTRICITY PROVIDERS IF I’M ON A PREPAYMENT METER?
If you’re responsible for paying your energy bills, you can compare energy prices and switch to a new energy provider in minutes. However, there are different contracts and different types of tariffs for domestic energy customers (households) and business energy customers.
If you’re currently tied into a fixed rate deal, there may be an exit fee if you wish to leave the contract early. However, many people choose to switch to a new tariff or energy supplier as one deal ends, as this is often the most cost-effective option.
SHOULD I COMPARE ELECTRICITY PRICES TO REDUCE MY BILLS?
Switching to a new deal, tariff or supplier can be the best way to reduce your electricity bills. However, the Government also runs initiatives and schemes to help people reduce their electricity costs. In addition to this, you can reduce your electricity bills by making your home more energy-efficient.
To learn more about reducing your bills and getting the best electricity prices, start your energy price comparison today.