Steps to Follow When Switching Energy Providers with Feed-in Tariffs
The introduction of renewable energy sources throughout the UK, including wind and solar power, have created opportunities for many homeowners throughout the country. Not only does adding renewable energy to a home offer the ability to earn from excess production of power, but it ultimately helps lower the cost of energy consumption for millions each year. However, picking an energy supplier can feel like a complicated task, especially when a feed-in tariff contract is in place. For those who have solar panels already in place and a feed-in tariff contract already working to their benefit, the idea of switching an energy supplier may seem too daunting.
Fortunately, changing an energy supplier does not have to be a drawn-out process, nor does it have to impact feed-in tariffs already being received. If you’re thinking about changing your energy supplier because of poor service or potential cost savings, here’s what you need to know.
Understanding the Energy Market
A finance specialist from MoneyPug, an energy price comparison tool, shares that the thought of switching to a different energy provider is top of mind for many UK residents. Recent reports highlight the fact that the changing energy market combined with the digitalisation of the business world has created an environment where new services and greater efficiencies are present. Consumers are able to take advantage of comparison tools to understand their options for energy suppliers, and in many cases, make a change to help save money each month.
The process of shopping for an energy supplier has shifted over the years, now embracing a modern, digital approach that encourages transparency and a consumer-first mindset. However, Brits want to know that electing a change in supplier comes with few headaches, no downtime in services rendered, and a consistency from their feed-in tariffs supplier. This can all be accomplished with less stress than many consumers anticipate, so long as the following steps are followed throughout the process.
How to Make a Switch
Changing to a different energy supplier starts with a comparison of providers, typically through an accredited online price comparison tool. Consumers thinking about making a change need to have a recent energy bill on hand, as well as their postcode, to make the most of their time comparison shopping online. Once on a site, simply input the information about where you are located and what your consumption needs are from a gas and electricity supplier, and a number of plans will come back as a result.
Although the savings generated by a change in energy suppliers is often the driving force behind comparing energy plans, some consumers are hesitant to start the process. Those who already have solar panels in place are likely already receiving feed-in tariffs from the same provider that supplies their gas and electric energy. In fact, the six major energy suppliers are required to pay feed-in tariffs to customers who qualify, and that is typically done through a FiT contract. What many consumers do not know is that the FiT contract does not have to change when an energy supplier changes. The provider is required to continue to make feed-in tariff payments, regardless of whether or not they supply the home’s other energy sources.
Similarly, there is often no need to change a FiT contract, even if you are planning the make a move to a different energy supplier. The FiT payment rates are set by Ofgem, and they are universal. While you can change your feed-in tariff contract to a different energy company, there is no financial benefit in doing so. It may make sense, however, to make this move if you are unhappy with the service you are receiving from your current supplier.
Once you have made a selection on which energy supplier offers the most savings for your situation, you can simply select your new service. There is no interruption in current gas and electricity power, and unless you opt to change your FiT supplier, there is no change to your feed-in tariffs payment. Your new energy supplier reaches out to confirm your selection as well as your new service date. Making a switch to a new energy supplier is not the daunting task many believe it to be, even when solar panels that provide feed-in tariffs are in play. Instead, energy suppliers and price comparison sites have made it easy to change your gas and electricity service, sans any complications or disruptions to your energy.