Ofgem announced last week its plans to cut energy bills for around 15M households in the UK (hoorah).
This change will see a cost saving of up to £95 per year for some bill payers.
This reduction in price, which comes into effect in October, is due to a fall in wholesale gas prices, as the nationwide lockdown has led to less demand.
The price cap, which is put in place to ensure consumers pay a fair price for their energy, will now sit at £1,042 per year for an average household. The lowest cap on energy bills yet!
Waiting for the price cut to take place isn’t the only way you can save money on your energy bills. The price cap is also reviewed every six months, which might mean your energy bills increase again in April 2021.
If you’re seeking cheaper energy bills, (and why wouldn’t you be) then now is the perfect time to start shopping around for better deals.
What Are The Benefits Of Switching Energy Providers?
The most obvious benefit of switching energy providers is the potential to save hundreds of pounds a year.
Switching is also a quick and easy way to cut costs. You could spend lots of time and effort cutting out small things, like your morning coffee. But, it’s much easier to focus on saving money on the big things, like reducing your bills.
Switching energy providers also offer the potential for better customer service. In the case of any problems, speaking with an advisor who understands your needs and is willing to help can make a world of difference.
Taking the time to get the best deal also gives you a new level of control over your finances. The money you can save by switching energy providers can now be better spent elsewhere!
Common Myths About Switching Providers
One of the reasons some people put off switching suppliers is because they are worried about having a period of time with no access to any gas or electricity.
Reassuringly, this will not happen. The only thing you’ll notice when switching is the cost of your bills reducing.
Switching energy providers also takes a lot less time than you’d think. Your involvement in the switch is often very minimal, as most of the work is carried out by your new supplier.
Because everything is managed by your new and old supplier, this also means you won’t be charged twice for two accounts. The old supplier will give any meter readings to the new supplier, on the chosen switch date, which means you won’t end up paying for multiple bills.
How Do I Switch Energy Providers on Emma? 🇬🇧
- Log into the Emma app and head to the “Save Money” button on the Feed tab.
- Click on the box that says “Save on your energy”.
- You’ll then be asked to complete information to generate a quote for your property. You’ll need to enter information like your current house number, and your postcode. As well as information about your current supplier.
- We’ll also ask for your current gas and electricity consumption. You’ll get a more accurate quote if you input your exact energy usage. If you don’t know where to find this information, you can look at your latest energy bill.
- After you’ve entered this information, you’ll receive a quote based on the information you provided.
- If you’re happy with the energy deals suggested by Emma you then just need to click “Switch Now” under the supplier you want to switch to.
- To complete the switch we’ll then need you to fill out a few more details. Like your name, email address, meter, and billing information. If you do not know how to find your meter information, follow the links here (MPAN and MPRN)
- Your application will now be sent to the new energy provider, who will be in touch within 10 days to confirm your details.
How Else Can I Save Money On Emma?
Switching energy providers isn’t the only way you can save money with Emma. We can also help you save money on your broadband bill and insurance. We also work with loads of exciting companies to offer you £1,000s worth of deals! Just visit the Save Money tab to find out more.
Switching energy providers in Emma can take as little as 5 minutes, but the savings can be huge.
Emma is a money management app that connects all your bank accounts to track your monthly spending and subscriptions. Emma will help you visualise and take control of your finances. Make sure you aren’t overspending, and show you practical steps to start budgeting effectively.