The following guide will tell you everything you need to know about switching your energy supplier with Business Energy Comparison. We’ll cover when you can and can’t switch from one energy supplier to another, and everything else you need to know.
When Can't You Switch Energy Suppliers?
Will I Need to Get a Smart Meter When I Switch Suppliers?
Energy suppliers will be required to install smart meters in most UK homes by 2025 under a government-led initiative. The timing of this will depend on your chosen energy supplier’s progress with its smart meter rollout.
Having a smart meter means that you no longer have to submit your gas and electricity meter readings to your supplier. Instead, they use a mobile signal to send data to your supplier.
In addition to sending the energy usage information to the meter, the in-home display will show you how much energy you’re using. The purpose of this live reading is to assist you in saving energy and money.
By doing so, you are also contributing to upgrading UK energy systems and reducing energy waste. Thus helping pave the way to a greener energy economy.
Can I Change My Energy Suppliers if I Have Solar Panels?
Yes. Having a renewable energy supplier or solar panels isn’t a barrier to those customers looking to move from one utility provider to another.
Wind, solar, and other renewable energy sources are used by some energy companies to produce the entirety of their energy.
Under the old Feed-In-Tariff (FIT) scheme, you could earn money by generating your own energy through solar panels. New applicants are no longer accepted for this program. It has been replaced by the Smart Export Guarantee (SEG).
Under the SEG, anyone generating their own low-carbon energy can earn money for the energy they put back into the National Grid if they meet certain criteria. This includes energy generated by solar panels and wind turbines.
SEG tariffs are mandatory for all energy suppliers with more than 150,000 customers, and smaller businesses can opt-in as well.
It’s unnecessary for the supplier who makes your SEG payments to be the same one that provides your energy. You can change it anytime. Additionally, you can switch your SEG licensee if you have a new one that is ready to take you on.
FIT members who managed to join the scheme before 31 March 2019 will continue to receive payments for the agreed period (usually 20 years).
Is Switching Energy Suppliers Worth It?
Staying with your current energy provider may be tempting since moving seems like too much work, but significant savings could be had. If your supplier’s standard variable tariff is among the worst on the market, switching is almost certainly worthwhile.
If you’re on a fixed term that’s about to come to an end or are within the stipulated window of time to exit your deal without paying exit fees, then it’s best to consider switching energy supplier.
Additionally, switching is a lot simpler than ever. With a credible business electricity comparison service like Business Energy Comparison, you can quickly compare utility providers, and your new supplier will handle the entire transition for you.
What Happens After Switching Energy Suppliers?
Your new supplier will handle everything for you when you switch, including setting up the transition and taking over your account.
They will activate the switch and inform your current supplier. They also take a meter reading to give to your new supplier on the day of the transition.
This illustrates that they won’t bill you for energy consumed prior to the transition. You will have a 14-day cooling-off period to switch providers without incurring any fees.
Frequently Asked Questions
Yes. However, take this with a grain of salt. You can change energy providers if you are in debt, but you can’t have been in debt for longer than 28 days.
Yes. You can change energy providers if you are on a solar grid. Just remember that your previous provider is still required to pay your feed-in tariff.
A 14-day cooling-off period is permitted if you choose to change your mind. This is a legal requirement, and it begins after you enter into a contract, whether it’s done over the phone, online, or in person.
Your new supplier should take approximately 5 business days to make the switch once you sign up for their services.
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