One of the biggest regular costs can be energy bills. But a lot of us keep paying more than we need to by staying with the same energy company year after year. Prices and tariffs in the energy market change frequently. The first step to getting your spending under control and finding the best energy deals is to take the time to review your current energy contract. This article will teach you everything you need to know, from looking over your current agreement to switching providers without any problems.

1. The Importance of Auditing Your Energy Contract

An energy contract audit is like a checkup for your gas and electricity supply to see how healthy it is. The main goal is to make sure you're not paying too much and that the tariff you're on still meets your needs. Ofgem, the UK's energy regulator, says that people who buy energy on a provider's standard variable tariff (SVT) often pay hundreds of pounds more per year than people who buy energy on a fixed-rate deal. When your fixed-term contract ends, you will usually automatically switch to this more expensive SVT.

By regularly checking your contract, you can avoid this "loyalty penalty." It gives you the power to learn about your energy use, find ways to save money, and make smart choices. Prices for energy change all the time. A review that could have saved you £100 a year ago could save you £300 or more now. It is a good financial habit to do an audit at least once a year, especially a month or two before your current deal ends. It can help you save a lot of money.

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2. Steps to Review Your Current Energy Contract

You need to know what your current energy deal is like before you can find the best energy deals. It means looking closely at the terms of your contract. To get the following information, either get your most recent energy bill or log into your online account.

Find Your Tariff Name and End Date

The name of your current tariff and its end date are the most important things to know. Is it a fixed-rate deal, a standard variable tariff, or a tracker tariff? A fixed-rate tariff locks in the price you pay for each unit of energy for a set amount of time, usually 12 to 24 months. It protects you from price increases. A variable tariff means that the price can change depending on how much energy costs at the wholesale level. It's important to know what kind of tariff you have and when it ends, because this will tell you when you can switch without having to pay a fee.

Check Your Rates

Your bill will show you two important charges:

• Unit Rate: It is the cost of each kilowatt-hour (kWh) of gas or electricity you use. It will be shown in pence per kilowatt-hour (p/kWh).

• Standing Charge: It is a set amount you pay every day, no matter how much energy you use. It pays for the energy that goes to your building.

Put these numbers down. These are the main numbers you will use to compare the best energy deals from different companies. Over the course of a year, even a small change in the unit rate can lead to big savings.

Identify Exit Fees

Most likely, your contract has an exit fee if you are on a fixed-rate tariff. This is a fine for breaking the contract before it officially ends. Exit fees for gas and electricity usually range from £25 to £75 per fuel. It's a good time to start looking around during the "switching window." You won't have to pay an exit fee if your contract has already ended and you're on an SVT.

Analyse Your Energy Consumption

Your bill should also show how many kilowatt-hours (kWh) you use each year. This is very important information. This information helps comparison websites give you the most accurate quotes. If your bill doesn't show an annual amount, you can usually find a monthly or quarterly breakdown and use that to make an estimate. Your savings forecast will be more accurate if your usage data is more accurate.

3. Tools and resources for Comparing Best Energy Deals

It's time to look for other deals now that you have all the information you need from your current contract. Luckily, there are a lot of Ofgem-approved price comparison websites that make this easy and quick.

Ofgem-Accredited Comparison Sites

If you use an Ofgem-approved site, you can be sure that the information you get is fair, complete, and up-to-date. These websites must show all of the tariffs that are available, not just the ones from providers with which they have a business relationship. 

You will need to enter your postcode, current supplier, tariff name, and yearly energy use in order to get a quote. The site will then make a list of the best energy deals that are available, sorted by how much they are expected to cost each year. You can sort the results by type of tariff (fixed or variable), customer service ratings, and green energy credentials.

Citizens Advice Consumer Service

The Citizens Advice consumer service is a great place to go for personalised advice or if you are in a weak position. They give free, unbiased advice on energy-related issues, from figuring out your bill to settling disputes with your supplier. Their online price comparison tool is also very useful and easy to use.

Supplier Websites

It's useful to look at the websites of a few key suppliers directly, even though comparison sites are great for getting a sense of the whole market. Providers may offer special deals on their own sites that you can't find anywhere else. It is especially true for deals for current customers.

4. Tips for Negotiating with Your Current Provider

It's a good idea to call your current supplier before you switch to a new one. A lot of people think they have to switch to save money, but sometimes all it takes is a phone call to get a better deal.

Be ready when you call. Let them know that you have looked at the market and found better deals elsewhere. Tell them the best price you found and ask if they can match it or give you a better deal to keep you as a customer.

They can only say no. The customer retention team often has access to special rates that aren't available to the general public. They know that it's cheaper to keep a customer than to get a new one. Even if they can't match the best price, they might offer something close enough that it becomes more appealing to stay where you are.

5. How to Switch Energy Providers Seamlessly

Switching is easier than ever if your current provider can't give you the best energy deals or if you just want to go with a company that has better service. It makes sure that the process is quick, easy, and safe. The step-by-step switching process is discussed below.

Choose Your New Deal:

After you've found the best tariff on a comparison site, you can usually start the switch right away on that site or on the new supplier's website.

Provide Your Details:

For the direct debit, you will need to give your name, address, and bank information. The new supplier will take care of the rest.

No Interruption to Supply:

Your new supplier will work with your old supplier to move your account. During the switch, you will never be without gas or electricity. You don't need to do any physical work or install new pipes or wires in your home.

Cooling-Off Period:

You have 14 days to cancel after you agree to the switch without having to pay a fee.

Submit Meter Readings:

Your new supplier will get in touch with you around the time you switch to ask for them. It ensures that your last bill from your old provider and your first bill from your new provider are both correct.

Switch Complete:

Thanks to recent improvements in the industry, the whole process should take no more than five business days. Your old supplier will send you a final bill, and your new contract will start.

Final Words

Checking your energy contract is not something you do once; it's something you should do regularly to save hundreds of pounds each year. You can take charge of your energy bills by learning about the best energy deals, using comparison tools to look around the market, and not being afraid to switch or negotiate.

The steps are easy to follow, and the possible benefits are huge. Set a reminder on your calendar a few weeks before your contract ends each year to get things going. You can look over your options and pick the best energy deals for your budget for the next 12 months in less than an hour. In a time when prices are going up, being an informed and proactive energy consumer is one of the best things you can do for your money.

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