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The prices of energy, offered by gas and electricity suppliers, are well known to fluctuate significantly over the year. Some consumers are known to moan about them, complaining that the prices only seem to increase. When gas and electricity prices reach a certain point, some consumers feel compelled to switch to suppliers offering a better deal. Prior to making the big switch they’ll trawl price comparison sites, furiously scribbling down the prices and details of various deals. It’s certainly a process that requires equal amounts of thought and research. You certainly couldn’t just switch suppliers at the drop of a hat.

If you’re already under contract with your existing gas and electricity suppliers, you’ll probably have to pay what’s commonly known as an exit fee for exiting your contract before its end. It’s certainly worth looking up the terms and conditions of your existing contract before carrying out any extensive amounts of research.

The majority of homeowners will simply switch as soon as they feel they’re paying too much each month. Others will switch once their existing contract has expired. But is there a best time to go through with a move?

Well, given that the majority of suppliers announce their prices during the same period of the year – usually later in the summer – it’s worth waiting until this point before carrying out any significant amount of research. Once the suppliers have announced their prices – including any increases or decreases – you will, or at least in theory, be in a better position to make a better informed decision. You can compare the deals offered by each one using price comparison sites; determine which deal provides the best value for money, then make a decision.

Once you’ve located what you see as being the best energy deals, it’s certainly worth calling you current supplier to ask them whether they offer a deal better than the one you’re on – especially if you’ve got a fair amount of time left to run on your contract.

It’s also worth considering any dual fuel tariffs you might come across. Should you opt for this type of deal, you’ll be dealing with one supplier rather than separate suppliers. ‘What difference does this make?’ you ask. Well, it makes a difference in that you could save money – which is always welcome.

Some gas and electricity suppliers offer extra incentives for switching to their energy products. Whilst energy monitors and cashback deals are extremely desirable, you should always read the small print of these particular deals. To qualify for these incentives you might need to stay with the supplier for a fixed amount of time, which may not prove to be all that beneficial in the long run. Regardless of the time and effort involved, you should always read the small print featured on any deal or contract.

When’s It Best to Switch Gas and Electricity Suppliers?

When's It Best to Switch Gas and Electricity Suppliers?