Consumers Saving The Environment And Money | moneyfacts.co.uk

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Derin Clark

Derin Clark

Online Reporter
Published: 18/01/2021

Consumers looking to save money by switching energy tariffs are getting an extra unintended benefit of saving the planet while doing so, as many of the lowest energy rates are now being offered on green deals.

Research carried out by energy supplier Switchd found that in 2020, 40% of the time the cheapest energy deal was also a green one. In addition to this, Switchd found that although consumers were not consciously choosing green deals, 38% had chosen these deals last year, an increase from 26% in 2019.

As more and more consumers are concerned about the impact they are having on the environment, as well as aiming to reduce their outgoings as the pandemic continues to impact their finances, the fact that green deals can also be the cheapest tariffs provides an added incentive for consumers to switch energy suppliers.

How to switch energy supplier

Switching energy supplier is normally quick and easy to do. The switching process is normally completed within 21 days and the gas and electric supply will not be disruptive and no work will need to be carried out within the home or garden for the switch to be completed. As well as this, if there are problems with switching, customers may be entitled to receive automatic compensation.

Before switching tariffs, consumers should check to make sure there is no penalty for doing so with their existing supplier. Normally, the only reason a penalty will be incurred is if the customer is in a fixed deal with their supplier, but the rules from Ofgem, which regulates the gas and electricity industry, states that energy suppliers are not allowed to charge fees if the customer is in the last 49 days of their fixed-term contract. Consumers should also be aware that when switching energy supplier, they will be issued a final bill from the supplier they are switching from, which could result in having to pay outstanding debt owed to the supplier.

For more information about switching energy suppliers and how it can save you money, read our guide Can you save money by switching energy supplier?.

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