If you haven’t renewed your contract with your existing energy supplier or switched to a new one in the last few years, you could be paying more than you need to for your energy.
According to the energy regulator Ofgem, more than half of people in the UK are on expensive ‘standard variable’ tariffs, which are usually more expensive than fixed-term tariffs.
Am I paying too much?
A fixed-term tariff means you’ll pay a set price for each unit of energy you use, for a certain period of time (usually a year or longer).
But after your fixed-term tariff ends, if you don’t choose a new tariff or switch to a different supplier, they’ll usually move you to a standard variable tariff. These ‘default’ tariffs are usually more expensive than fixed-term ones. And prices can go up and down, depending on the energy market.
To make sure you’re getting a fair deal, it’s usually worth reviewing your energy bills once a year, after your existing contract ends. But more than 60% of people said they’ve only changed energy supplier only once, or not at all!
Here’s how to work out if you’re paying more than you need to for your energy. And what to do about it if you are.
Am I on a standard variable tariff?
You should be able to find out what energy tariff you’re on by checking your most recent bill (or by getting in touch with your supplier).
If the last time you sorted out your energy was so long ago you can’t remember, then there’s a good are your initial contract’s expired and you’re on a standard variable tariff.
How to switch
1. Shop around
Start by reading up on different tariff types, to work out which ones best suit you. Citizens’ Advice has a useful guide that explains the benefits of different tariffs depending on your needs, like if you’re looking for the cheapest tariff or you want an environmentally-friendly option.
Use a comparison website to compare energy offers side by side. Make sure you understand the features of each deal and work out which one’s best for you.
You can usually get a more accurate quote by entering your postcode and details about your house (like how many bedrooms it has).
If you’re happy with your current supplier but find a better offer somewhere else, you can ask to see if they’ll match it.
2. Switch energy supplier through Monzo
Making time for life admin isn’t always easy. So if you don’t have time to shop around, you can switch energy supplier through Monzo in minutes.
To start switching energy supplier, tap the button below on your phone.
We’ll ask you to:
Enter a few details about your home and the type of meter you have
Choose from the quotes provided by our trusted suppliers (and get a more accurate quote if you tell us your energy usage)
Choose to pay from your personal or joint account
We’ll send your information to your chosen supplier and they’ll sort out the switch for you. That’s it!
Both companies offer renewable energy, and meet our high expectations for customer service and fair pricing. In fact, OVO was named uSwitch energy supplier of the Year this year, while Octopus was named Which?’s recommended energy supplier this year.
We’ve chosen them because they offer competitive pricing with the level of customer service you expect.