Some people think that only homeowners can make savings from switching their energy providers. They’re wrong. Over 10% of the country switched gas and electric providers last year, and not all of those were homeowners.
If you’re paying too much on energy these days, you’re not alone. But the good news is – even as a renter, you can still save. Compare energy providers on moneyexpert.com & it makes it even easier to access these savings.
Why energy has become so expensive
Energy prices aren’t a UK problem. It’s a global issue. In fact, the UK Government recently capped energy prices for some people on fixed tariffs, but some see this as too little, too late.
Energy prices in the UK have skyrocketed over the last few years. A lot of this price increase has been down to global economic issues and an increase in energy prices across the planet. However, there is still one way to save as an energy user, and that’s by switching providers regularly.
How to make savings by switching
UK energy providers haven’t been increasing their prices for the sake of it. In fact, many of them are trying to keep their prices as low as possible but simply can’t avoid passing some of the cost increase they incur on to their customers. But there is one way to make regular savings, and that’s by switching energy providers.
There are tons of energy companies in the UK today, and most of them are desperate for new customers. That means many of them will offer special introductory rates or generous fixed terms to get your to sign up. The reason so many people switch providers these days is that they can make the most of these fixed rates or introductory offers before simply switching again. You can do this and make big savings, even as a renter.
Can you switch as a renter?
It’s a legal right for someone who’s responsible for their own bills to be able to switch suppliers, so make sure you aren’t prohibited from doing so by your landlord. You can find out more on this at Ofgem.
There are a couple of caveats to this. Firstly, you need to be responsible for your own bills. Thankfully, this is the situation most renters are in – they simply pay rent to the landlord but all bills are in their own name. That means you should be able to switch.
Unfortunately, if you pay a lump sum to your landlord that covers everything from rent to bills to council tax, then picking an energy supplier is up to them. Even if you’re in a situation like that, you might be able to have a quick chat with your landlord to ask them to change.
If your building owner did a deal with an energy supplier to provide power for a large building at a reduced rate, this might also affect your ability to strike your own deal or switch yourself. It’s something you’re going to have to look at in the tenant agreement.
How to switch if you rent
Hopefully, you’ve worked out that switching is possible for your rental property. So what’s next? Get together documents like a proof of address, bank statements and importantly a few old energy bills.
After you’ve done a bit of research and found the best offer to switch to, you’ll want to phone them up and start the process. It should only take 10 minutes or so and you won’t be without power in the process.
Make sure you know exactly what tariff you’re on and know exactly how much the new offer is going to cost you. Check things like fixed-rate fees, over-usage terms and other things in the small print that could end up costing you. If you need a bit of advice, there are plenty of places online that could help.
Have you had any trouble switching energy providers as a renter? Let us know how it went.