Switching the service providers is not a big deal for the people of Australia. It is a lot simpler to switch electricity and gas than a lot of people think. For account transfer, it has never been easier to pay off the bills and make a switch.
You often find people saying why you should switch your energy provider and how you should go about switching, but you may not know when the best time to switch your energy deal actually is. Even though you may believe that it doesn’t matter when you switch as long as you save, there is a little more to consider when it comes to timing.
Switching a supplier is quite easy now, but did you know that making a switch can save you hundreds of dollars? If you want to switch but are worried about hefty due, you just need to wait for the right time. Here are some important considerations regarding when is the right time to switch your energy service supply and is beneficial for you.
Table of content
- Best time to switch energy deals
- Best time of the year to switch energy deal
- Find the ideal time in your contract
- Switch before the prices go high
- When shouldn’t you switch your energy deal?
- Some important considerations when switching energy providers
- Best time to switch energy deals
As a rule of thumb, you should make sure that you are switching as a matter of habit every 12-18 months, or whenever the deal you are currently on comes to an end. If you come off a fixed tariff and you don’t sign up for a new deal yourself, you will probably be rolled onto your supplier’s standard variable tariff which tends to be one of the most expensive they offer.
Make sure you know when you’re eligible to switch according to the terms of your current deal to avoid incurring these higher costs.
- Best time of the year to switch energy deal
When it comes to the calendar year, the best time to switch your energy will probably be before the colder winter months. If you are concerned, switch your energy deal around October. When the days get shorter and the sun begins setting earlier, you will be using more electricity than usual for the lights and more gas to heat your home and stave off the colder temperatures. Making sure you switch before winter should help you spend less on your energy at a time when you’ll be using more of it than usual.
- Find the ideal time in your contract
The ideal time to switch your energy deal within your contract is when you no longer have to pay early exit fees. The amount of time it takes to switch suppliers varies, and you could inadvertently end up paying a few days or weeks.
You can keep track of these dates yourself, but suppliers or price comparison websites can be alerting you in writing so you don’t need to.
- Switch before the prices go high
It is always worthwhile to switch your electricity and gas supply before the prices go to their maximum. When suppliers will put their prices up, this will hit customers on standard variable tariffs so hard. It is important, therefore, that you take notice of what the industry experts are predicting might happen, and switch your energy deal to a fixed tariff before prices go up if you’re not already on one.
- When shouldn’t you switch your energy deal?
You shouldn’t switch your energy deal when you have to pay an exit fee or penalty. Especially when your exit fee is higher than the potential savings you could make. This is not a beneficial approach to switching your energy service. Ensure to pay off all your debt charges before you make a switch.
- Some important considerations when switching energy providers
Here are some important things to ponder before you make a final move to switch your energy supplier.
- Request your existing service provider for an early meter reading
- Double-check all your deals and respective incentives
- If you are looking to change your deal, it is worthwhile to inquire about rates.
- Look over your estimated bill and inaccuracies
- Look over your dues and recalculate your final bills.
Conclusion
It is obvious that switching suppliers can save you money, but there are many other reasons to do so. If your new deal costs the same as your current one, there’s no point in making the change. Be sure to consider any additional penalties or exit fees that may be necessary. Long term, it would be beneficial for you to determine the right time to move.
