Guide to switching energy providers
This guide is intended to provide general guidance only. It is not intended to give you advice on your personal financial circumstances. You should seek independent professional advice if you’re unsure about anything mentioned in this guide or what choices to make.
- Can you really save £160 a year just by switching providers?
- Step-by-step guide to getting an energy quote
In July 2015, the Competition and Markets Authority published preliminary findings describing the lack of adequate competition in the retail energy market. They found that the average savings for a customer switching energy suppliers from a Big Six standard variable tariff to any external tariff would be around £160 a year.
That answer depends on what tariff you’re currently on, and how much energy you use each year. If you are one of the 60-70% of Big Six energy customers on a standard variable tariff, then the chances are you can cut your bills by 10-20%.
In the graph at the top of this page, we’ve estimated the difference between the average Big Six standard variable tariff (SVT) and our Better Energy tariff for the three typical house sizes the regulator Ofgem uses. This shows you how the amount you might save by switching suppliers is going to depend significantly on how much energy you use (as seen in the graph above).
For the Small House/Flat the average saving is £143/year. For the Medium House it is £222/year. And for the Large House it is £324/year. The difference is all about the amount of energy used – not the house size. The household usage figures can be found on the chart.
To get a truly accurate figure for how much you could save in your own home, you’ll need to get a quote. The rest of this piece explains how to do so.
Getting a quote for a new energy supplier will help you decide if switching is worth your while. Here at OVO Energy, we’ve designed a quick quote tool to make this process as fast and clear as possible.
To generate an accurate quote you need just four pieces of information: your postcode, your current supplier name, your current tariff and your energy use. All of this information should be on a recent energy bill. If you don’t have a bill but know which provider you use, you can get a rough estimate – just be aware that this is only an estimate, so you can’t always assume it's accurate.
Once you’ve got a bill, it's time to jump on the quick quote tool. Here’s a short guide if you want to see how it works. Lastly, and before making a switch, make sure to check if you are subject to any exit fees with your current supplier.
1) Put in your postcode
2) Choose your payment type
3) Choose the fuels you want
4) Select your property size
4) Check out the basic quote
At this point you will see a very basic estimated quote. If you want to review a more detailed and accurate quote, you’ll need to click on How do we calculate your quote?
5) Fill in your current energy info
To get a more accurate quote you’ll need to add a little more info. In particular you’ll need to know your current energy supplier, the tariff you are on, and how much you spend on energy (or how much energy you use).
6) Pick the type of Plan
At this point you’ll be offered a choice between two energy types: you can choose the standard fuel mix with Better Energy, or pay a little bit more and receive 100% renewable electricity with the Greener Energy tariff.
7) Check out the full quote
It’s that simple. Now you’ll have a full quote, including what it will cost you per month, per year and how much you’ll save compared to your current provider. This page will explain how the deal works, and what you need to manage online to get the best rate.
If you’d like to try the quick quote tool for yourself, simply click the banner below.