when is the 'right' time to switch?

shaggy

Hi all

I've been comparing energy prices for the past couple of months on the MSE energy tool. Every couple of weeks, the 'cheapest' supplier changes. First of all, it was Orbit, then Planet, and now EON fixed price which will save me around £200 per year!

So, is there a 'right' time to switch. Should I wait till MSE do their big switch again? Or just switch now and worry about it next year?

matelodave

The optimum time is as soon as you can save money, so hanging on just in case a better deal comes along is costing you more when you could actually be saving.

A we are now moving into the time of year when you are using most gas & leccy (probably 60-70% of your annual consumption between now and April) then ideally you want the best deal now rather than waiting until next year or even next month

If you get a deal without an exit fee then you can change whenever you like, several times a year if that's what you want.

Dont dither, just do it

Gerry1

Just make sure that the promised savings are real.

The CEC defaults to sensible comparisons, but other comparison sites follow Ofgem's crazy rules that could result in a so-called saving costing you a lot more.

shaggy

Thanks all. EON is working out a lot cheaper than my current Bulb (£200 per year according to MSE comparison tool, and other online tools give similar saving) but they have a £60 penalty. I guess even with the penalty its a no brainer. Those without a penalty (Avro) are more like £180 saving.

Dont know how seriously to take all these 'savings' though. I do enter my annual KWH usage so I assume its all fairly accurate

JJ_Egan

Savings .
Current unit costs and standing charge multiplied by usage .


new deal unit costs and standing charges .

shaggy

JJ_Egan wrote: »

Savings .
Current unit costs and standing charge multiplied by usage .


new deal unit costs and standing charges .

basically what a comparison engine does already then :money:

Gerry1

shaggy wrote: »

basically what a comparison engine does already then :money:

No, because Ofgem requires the so-called savings to be calculated against the mega-expensive tariff you'd be rolled onto after your fixed rate tariff ends.

shaggy

Gerry1 wrote: »

No, because Ofgem requires the so-called savings to be calculated against the mega-expensive tariff you'd be rolled onto after your fixed rate tariff ends.

thanks for the clarification. In my case then, in on the standard bulb tarriff anyway with no fixed term as its the same tarriff for everyone, so these search engine 'savings' are the same as i would calculate myself.

But, good to know the information for any future comparison.