Home-movers lose £20m by not comparing energy - Gas and electricity - News | moneyfacts.co.uk

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Home-movers lose £20m by not comparing energy

Home-movers lose £20m by not comparing energy

Category: Gas and electricity

Updated: 19/07/2017
First Published: 19/07/2017

There's a huge number of things to think about when you move home, yet in all the excitement, it's easy to overlook one of the most important ones – your gas and electricity tariff. This could be a costly mistake, as research shows that home-movers overpay by over £20 million each month as a result!

That's according to EDF Energy, whose research found that 46% of home-movers don't switch to a fixed rate tariff as soon as they move in, instead choosing to prioritise other admin tasks. Indeed, 74% of movers set up broadband within the first week of moving home and will have redirected their post by day eight, yet it takes them far longer to sort out their energy supply.

The survey found that 45% of movers simply inherit the previous occupier's energy tariff, and although 70% will contact that supplier to submit meter readings within a week of a move, it takes an average of 27 days to compare energy prices and 34 days to switch tariff. That delay can seriously cost you in terms of higher bills, yet some won't even switch, choosing to instead stay on the variable rate tariff they moved in with.

"Despite moving home being an obvious time to check your energy tariff, our research shows almost half of home movers are paying more by simply accepting that the supplier and tariff come with the house," said Richard Hughes, ?director of Sales and Marketing at EDF Energy. This could mean higher energy bills for months or even years to come, as committing to a fixed rate tariff can be far cheaper than a standard offering, so why put it off?

If you're unable to keep your former energy tariff when you move (some suppliers will let you hold onto a fixed rate deal in your new home, but others may not be so forthcoming), it's time to shop around. Don't just stick with the energy tariff that comes with the property, as it could easily be far more expensive than you were hoping for – instead, you'll want to put comparing alternatives towards the top of the moving to-do list, and make sure to have all required meter readings to hand.

Start the process by using our energy comparison tool to find the best deals in your area, and that way, moving home needn't be any more expensive than it has to be.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
 
Close