A lot of people are under the false impression that changing energy providers will put them through an unnecessary hassle. Truth is, most of the time, the process is effortless and you don’t have to sacrifice your peace of mind. On the contrary, switching to a better deal will save you a lot of money in the long run. The process usually takes 17 days to be completed.
Businesses, in particular, worry the most about losing their energy supply in the process which isn’t, in most cases, true. Your energy supplier will most likely give you a notice period that can reach up to 49 days before the end of your agreement. During this time, you have enough room to decide whether it’s financially worth it to switch to another provider. The decision, however, can be overwhelming. Here are some of the questions and answers that you might be struggling with in order to limit your confusion and help you reach the right decision for your company:
Will Switching Between Providers Save You Money?
The answer to this question is almost always, “yes.” Providers are always pulling all sorts of discounts and deals out of their hats for new customers. However, these deals often expire after a set period of time that typically varies from 12 and up to 18 months. Changing providers means that you get to enjoy these offers and deals with lower-priced tariffs to save more money. If rumors start surfacing about increased energy prices, it will be better to secure yourself. Even if these rumors are misleading, changing to a fixed-term tariff with a reasonable price will save you a lot of money either way.
When Shouldn’t You Change Providers?
There are two cases where you should consider postponing any changes:
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The first one is if you have debts that are more than 28 days old. In this scenario, you will have to wait until you have cleared any unpaid bills. If you have, however, debt for less than 28 days, you will be able to change suppliers as the unbilled amount will be charged on the last bill issued.
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The second case is if your current supplier charges exit fees or a penalty for the current contract you are on. In this case, you will need to calculate the charges versus how much you could possibly save to make the right decision.
How to Make the Right Decision?
Online comparison tools have made it possible for business owners to be more conscious about the amount of money spent on energy and the amount of money they can save up in case they decided to switch to another provider. These tools offer more info and facts about different providers. The process is rather simple. You only need to provide basic information such as your current contract, business location, and contact details after you have chosen the type of fuel you would like to get quotes for; electricity, gas, or dual fuel. You will then receive various energy quotes with the best prices in your area.
Comparison tools also consider the service quality of the provider, so, you don’t have to worry that cheaper deals might mean poorer service. After that, you get to choose the best offer that you find suitable for your business. An example of such a comparison tool is Electricityrates.com. Through this site, you are able to compare electricity rates in your area of residence and therefore have the best plan you can choose that works for you from a list of all available providers. For instance, you are easily able to get the best electric rates in CT by visiting this electricity comparison site if you live in Connecticut.
Timing Matters
Just like choosing a new provider might be an overwhelming task with all the factors that go into play, choosing the right time for changing providers is also critical. As we previously mentioned, most new customers’ discounts and deals tend to have a specific period. The best time for switching suppliers is before the end of your current deal with enough time for the process to take place. Usually, the switching process will only take 17 days, however, sometimes it can take up to 28 days.
If you don’t have a good offer, yet, you are not getting any big bills during the summer, then, it’s better to switch providers before wintertime. During winter, you can almost definitely expect a hike in your energy use. Thus, it’s better to choose a fixed-term tariff at a reasonable price during the warmer months to save yourself from paying a lot of money in the winter.
After taking in the information mentioned here, it appears that energy price hikes are heading our way. The impending increase due to the concerns over French nuclear power or gas restrictions in Russia can lead to big energy bills. Thus, it’s better to save yourself the worry and secure yourself. The decision should be well-thought and calculated. You should put the time and effort to study the amount you currently pay and how you could be saving up to find the best deal for your company.