There are lots of myths floating around about switching energy providers. The truth is, the whole process is pretty much taken care of by your current energy provider and your new energy provider once you’ve set the wheels in motion.
On average, the whole process is complete within 15 to 20 days. You’re guaranteed not to have a gap in your energy supply while the energy provider switches over, and you won’t be billed twice while it’s happening either.
- It’s not worth switching – all energy providers charge pretty much the same
- It takes forever to switch energy providers
- I’ve heard you can end up getting your energy supply turned off while energy providers switch over
- I’ll only end up being charged twice while my energy providers switch over
1. It’s not worth switching – all energy providers charge pretty much the same
Switching energy providers can feel like just another form of “life admin.” but the sad reality is that being loyal and sticking with the same provider can really cost you big over time.
Research by the energy regulator Ofgem revealed that people could stand to save £260 over the course of a year by switching to better tariff with a different provider. That’s the equivalent of £20 a month.
As is the case with most bills and services, new customers typically do get the best deals.
2. It takes forever to switch energy providers
Finding a new deal and applying for it is the only bit you’ll have to do yourself. Depending on who you go with, this can take anywhere from 5 minutes upward.
Once you’ve locked in a saving you’re happy with — and there are some surprisingly good deals out there given you’re paying for the same energy — your current energy provider and your new energy provider talk to each other to figure things out for you.
According to Ofgem, the current total average switching time sits somewhere between 15 and 20 days. Not too bad really, considering your only job is to set things in motion and let the pros take over.
3. I’ve heard you can end up getting your energy supply turned off while energy providers switch over
This comes up a lot, and it’s a fair question. Nobody wants to lose electricity or gas, even for a little while.
The good news is that there’s no risk your energy will be cut off. Everything about the way the energy is supplied will remain the same, it’s just the brand that’s supplying it that will change.
This is another element you needn’t worry about, as your new energy provider will arrange to take over from your current energy provider in the background.
4. I’ll only end up being charged twice while my energy providers switch over
You might receive two bills in the month that the switch takes place, but your new energy provider and your current energy provider will use the same meter reading to open and close your respective accounts. That means there’s no chance you’ll pay for the same energy twice.
Bottom line
When it comes to energy supply, the onus is unfortunately on you to make sure you’re getting a good and fair price. Think of it this way: Gas and electricity are the exact same products no matter who is supplying them to your home, so it makes sense to only pay what you have to.