Are you paying too much for your daily energy consumption? Are you planning to switch to a better plan? If yes! Then you’ve arrived on the right blog. We’ll be discussing how you can find a better energy plan for yourself and suggesting a few quintessential tips on how to compare electricity plans.
Let’s get started!
How do you find a better energy plan?
One of the conventional ways to do so is by comparing energy plans. However, when you compare energy plans online, you must be cautious as the commercial energy bill comparison sites might not consider every plan offered in the market. They often are focused on promoting deals based on the commission they receive from the energy retailer.
In case you’re on a quest to find a better plan yourself, then you must note that all electricity retailers must publish a ‘fact sheet’ for every retail plan they offer. Within this fact sheet, they outline the current rates they’re charging and conditions of the offers present to their users along with any additional fees that may be charged.
Note: You might come across a lot of variations between plans that are offered based on the geographical location of your property and distributor that services in the area.
Tips to keep in mind while you compare electricity plans:
- Any fixed supply charges
- Know the rate per kWh
- Enquire for any discounts: will it apply to the whole bill (which includes usage and fixed supply charges) OR only to the usage? It’s necessary to get this cleared, as it may make a big difference to your savings.
- Check if there are any late fees charged to you, if the bill isn’t paid on time. Moreover, it’s common to get on-time-pay discounts with many plans. You can also consider establishing a direct debit payment method for on-time transactions.
- Know about the billing cycle and the modes of payment you can pay with.
- Will you be charged with any additional fees, if yes, then in what conditions?
- Are there any other terms and conditions?
- What would be the length of the contract? Will there be any exit fees or moving home fees involved? Many a time, you might see that retailers offer a 12-month contract period. But very few tend to provide a fix electricity rate during this period.
- Your gas plan, if you have got a primary gas connection, you must find out whether it would be cheaper if you move both your gas and electricity to the same retailer. Many retailers might offer you an added discount for having a dual connection with them.
Call your current retailer and ask if they’ll offer you to stay.
Ring your energy retailer and ask them about the plan you’re on. Once you get a proper understanding of your plan, you can tell them that you’re looking for a better deal, followed with the following questions:
- What sort of incentives or attractive deals can you offer me to stay with your company?
- Will the discount or incentive offered come with any conditions?
- Will the incentive or discount lapse after a while or will last for the life of the contract?
- What are the plans with the lowest tariff and usage rates?
- Does the discount incentive cover the complete bill or just the electricity usage part?
- Will I be charged an exit fee on my plan if I switch the current plan or retailer?
Once you enquire about the same, your electricity provider might offer you a plan with a discount. But don’t assume that you’re cracking a better deal here. Many a time, discounts can hide high tariff and other usage rates. If they’ve some ‘conditions apply’ on the discount, they can even end up costing you a lot more if you don’t meet the conditions.
Always remember, before you commit to any new offer with a discount to your current provider, it’s worth taking a few quotes from other providers to crack a better deal.