When is the best time to switch?

bflare

My current plan from OVO ends on 06/02/2019 & I have looked at their price for next year & their quote has gone up from £87 per month to £108. I have done a few comparisons & the cheapest fixed plan is by So Energy who look to have good reviews. They are estimating the supply date as 12/01/2019.


Should i switch now or wait until closer to the end date of my current supplier? Also I gather that I will not have to pay a cancellation fee for my current supplier as the plan is ending?

Robin9

You will get an email from OVO about 45 days before the end of your fix - once you get that you can fix without penalty.

Are your meter reads up to date ?

System

Remember, market dynamics have changed. On the 1st January, the Ofgem Default Cap comes into play. This effectively limits what suppliers can reasonably do. If you are on a cheap deal, I would stay with it as long as possible.

It is worth remembering that if the losing supplier is notified via industry procedures that a transfer is in progress no later than end of fix date plus 20 days, you have old tariff protection until the transfer goes through.

matelodave

This is the time of year when you need the cheapest energy possible, so if you are on a good deal hang onto it for as long as possible.

An extra penny or so on your tariff can add a hundred pounds or more to your bill during the winter.

bflare

matelodave wrote: »

This is the time of year when you need the cheapest energy possible, so if you are on a good deal hang onto it for as long as possible.

An extra penny or so on your tariff can add a hundred pounds or more to your bill during the winter.

My current plan ends Feb 2019 and to stay with the same company it would cost me an extra £21 a month from £87 to £108.

bflare

Robin9 wrote: »

You will get an email from OVO about 45 days before the end of your fix - once you get that you can fix without penalty.

Are your meter reads up to date ?

I've received that email today and I've submitted meter readings today.

markharding557

Wait until the end because who ever you choose next will cost more.

Ben84

markharding557 wrote: »

Wait until the end because who ever you choose next will cost more.

Not always, if someone is already on an expensive tariff then a lower price is possible.

Anthorn

Ben84 wrote: »

Not always, if someone is already on an expensive tariff then a lower price is possible.

Conversely due to the current state of the energy market customers are unlikely to get a cheaper deal than the fix they were on. In that case all that can be done is to limit as far as possible the increased prices. Personally, my 12 months fix came to an end this month, December 2018, and I managed to limit the increase from £38 per month to £42 per month on EDF monthly budget scheme (annual usage divided by 12). If I had stayed with Scottish Power their cheapest tariff would have been £44 per month so I limited the increase but not by a lot.

Personally, I like to switch in winter, December because my annual usage applied to a new tariff is more accurate and therefore the monthly cost is more accurate. But that's just me.