First Time Buyer: Energy?

Adamc

Hi all

I am due to move into my first home in August and wondered if anyone could advise me on how to go about finding the best energy deals?

Do I take meter readings when I move in and then search for companies or does it need to be sorted beforehand? Should I go with the cheapest available on comparison websites or are there other factors to consider?

Are smart meters a good idea? I like the idea as long as they're do occur additional costs etc.

My partner uses a lot of heating so I am somewhat dreading the costs.

Many thanks

System

The first step is to find out who currently supplies the property initially you will have to go with them , once thats set up then you can change to your preferred supplier .

jbuchanangb

Yes. Take readings as soon as you arrive. The previous owner or the agent should tell you which energy company supplies the property. Call the company and open an account. You have to do this before you start shopping around. You will start on that company’s standard tariff, which is the worst. I suggest you opt to pay on receipt of bill, not set up a direct debit at this time.
It would help you decide the best deal for the future if the previous occupier can tell you what the typical annual usage is.
Otherwise you have to do some guesswork.
The existing supplier will have some sort of fixed term (12 or 18 months) tariff. One option would be to take that tariff, watch your consumption ove the period, and then do an accurate comparison, and switch.

System

Adamc wrote: »

Are smart meters a good idea? I like the idea as long as they're do occur additional costs etc.

Two reasons why you do not want a smart meter when you first move in:

1. A meter change will inevitably prevent you from switching until such time as the new meter is registered on the National Database. This can takes anything from a few weeks to some months depending on the supplier.

2. The present generation of smart meters are supplier dependent; ie, if you switch they will lose their smart communications. What until 2019 and you should be offered the new SMET2 meters.

Smart meters are costing all of us over £12Bn. Some people like the IHD - most do not. The meter itself will save you nothing. The only way to save money is to turn things off or down.

Shavuot

Adamc wrote: »

Hi all

I am due to move into my first home in August and wondered if anyone could advise me on how to go about finding the best energy deals?

https://www.moneysavingexpert.com/utilities/you-switch-gas-electricity

Adamc wrote: »

Do I take meter readings when I move in and then search for companies or does it need to be sorted beforehand?

You need to do it from when you become responsible for the property.
e.g. when one completes on a purchase or starts their tenacy agreement

Adamc wrote: »

Should I go with the cheapest available on comparison websites or are there other factors to consider?

Refer to the link above

Adamc wrote: »

Are smart meters a good idea? I like the idea as long as they're do occur additional costs etc.

Presumably you meant 'don't incur additional costs' ?
There is no additional cost for the installation of a smart meter.
It is said consumers save on average over 350kWh p.a.or about £32 pa
(savings based on reduced energy wastage and so lower consumption)

Adamc wrote: »

My partner uses a lot of heating so I am somewhat dreading the costs.

Many thanks

Best to ensure you keep the costs as low as possible then.

tonycottee

I wonder if switching to Bulb would be a good idea? They have a competitive tariff, you would get £50 credit if you use a referral link and there are no exit fees. That way, a few months down the line you can take a look at your consumption and see if there are more suitable suppliers.

System

tonycottee wrote: »

I wonder if switching to Bulb would be a good idea? They have a competitive tariff, you would get £50 credit if you use a referral link and there are no exit fees. That way, a few months down the line you can take a look at your consumption and see if there are more suitable suppliers.

Caveat Emptor. Bulb has warned existing customers that it will be reviewing its SVT in a couple of months time because of an increase in wholesale energy costs. Bulb last did this in Dec 17, and increased its prices 3 months ago.