This is a good question that one should ask oneself before making any switch. Needless to say, when comparing energy prices, the lower you can get your energy costs, the better. But is there anything else that consumers need to consider? What to consider when comparing Energy prices?
Many in the MENA region, and all over the world, are looking for ways to save money on their energy bills. Indeed, many readers may have already invested in the means to develop their own clean energy to reduce their reliance on energy from the grid. But even if you’ve invested in solar panels or domestic wind turbines, you can still make substantial savings by switching energy suppliers regularly.
Here, we’ll look at some of the things you should keep in mind when comparing energy prices.
How often should I compare energy prices?
The good folks at Switch-Plan know a thing or two about helping consumers to compare energy prices. They help energy consumers in the UK and throughout Europe to save a small fortune on their energy bills every year. The Switch-Plan team recommends comparing energy prices and getting a new tariff every 12-18 months. This ensures that you get great value for money, while also helping to keep the energy market competitive.
Of course, when comparing energy prices, the cheaper a plan you can get, the better. But be wary of false economies.
As well as keeping an eye out for low prices, you should also consider…
How renewable is your energy?
Many eco-conscious energy consumers today prefer to get their energy from 100% renewable sources such as wind, solar or hydropower. The good news is that these green energy plans are often just as cheap (or cheaper) than plans that use fossil fuels. There are even energy tariffs that use 100% carbon-neutral gas. This may be carbon-offset or sourced from farm or animal waste (biomethane).
How flexible is your contract?
There are lots of different types of energy plans. Broadly speaking, however, they fall into two categories: fixed-rate and variable. Fixed-rate energy plans keep your energy spending rates locked in for a fixed period (usually 12-24 months). Variable-rate plans rise and fall along with the wholesale cost of energy. So your bills could go up or down at any time (although your supplier will need to provide at least 30 days’ notice).
It’s up to you to decide whether you value predictability or flexibility more.
How good is your prospective supplier’s customer service?
We all want great energy prices. But they can be poor compensation if we have to deal with substandard customer service. Make sure that you use relevant local resources to see how energy suppliers measure up in terms of their customer service. There’s more to a supplier than low prices. Make sure the lived experiences of real customers match the bold claims made on the supplier’s website!
Will you be charged a fee if you switch?
Finally, most (but not all) fixed-term energy contracts require customers to pay an early exit fee if they switch suppliers before their contract has ended. This may be offset by the savings you make from switching. However, it’s a good idea to check for early exit fees so that you can make a better-informed decision.