Energy Prices coming down

I got a very interesting email from my friend Alexander the Meerkat the other day. He was advising that energy prices were coming down so it was a good time to check the competetiveness of your supplier.

Now clearly you take this with a pinch of salt as my friend Alexander is trying to steer you to register with his well known price comparison site, but the context is sensible. Most energy suppliers rely on lethargy with their existing customer base and most energy suppliers only offer the best deals to new customers, so to get the advantage of the second, you have to break the habit of the first.

So, things to consider - lock in period, increasingly suppliers want a minimum committment for 12 or 24 months, fine - but if the offer period is 12 months and the lock-in is 24 you could end up paying uncompetetive prices for the second year.

Exit fees, suppliers are now starting to charge a 'switch' fee or exit fee if you decide to move to someone else - this could negate the benefit of the lower prices you are swithcing to.

So what to do, certainly check the comparison websites, be it Alexanders or whoevers, see how much you might save and what options you have.

Talk to your existing supplier(s) - if they think you will move, armed with your price checking information they might match the other offer, or at least sweeten your current deal a bit to keep you

If you do decide to move, check all the small print and make sure you are going into the new deal with your eyes open - it's got to be worth the effort.

Finally, particularly for some of the less well known suppliers, check their customer service record and make sure they do provide good service, particularly in the event of failure. many bulletin boards provide this information.

At Surrey Energy Consultants, we engage in assessing properties (usually by producing Energy Performance Certificates (EPCs)) and commenting on their efficiency and carbon neutrality along with improvements that might be beneficial, but if you are paying higher prices than you need to, then the efficiency gains are somewhat negated. If you think you would like our advice, please get in touch.