When can I switch energy supplier without penalty?

There are numerous reasons why you may have decided not to switch your energy supplier.

One of the most common concerns is the penalty you believe you’ll be forced to pay if you leave your supplier prematurely, before your contract’s due to end.

Although such fears are not entirely unfounded, in the majority of cases, switching suppliers turns out to be much easier than you think.

Best Way to Avoid a Penalty? ALWAYS Read the Small Print!

The best and easiest way to avoid paying a penalty fee when leaving your energy supplier, is by reading the small print.

It may seem obvious, but you’d be shocked at how many homeowners sign on the dotted line-without scrutinising the terms and conditions beforehand.

Usually, flexible deals and standard tariffs are both penalty-free propositions.

The only ones to watch out for are cheaper fixed deals that last for a fixed period of time.

Overall, these are the ones most likely to have possible penalties attached.

However, penalty free deals are available, and are definitely worth looking into, if you are unsure about your future plans.

Choose When You Leave

Even if your deal has a penalty fee attached, you can still leave during the final 42 – 49 days of your contract, without being charged.

This is to give you the flexibility to find the right deal, before your current one runs out.

So, if you are nearing the end of your deal, you can start the wheels in motion by looking around and not worry about getting the timing just right.

Stay with Your Current Supplier

Where there’s a will, there’s a way, and if you switch to a new tariff with your current supplier, you may find that they are willing to waive the penalty fee entirely.

From their perspective, this makes sound financial sense.

Indeed, it’s of far more value to them to lock you into another long-term deal, and maintain your custom.

If that costs them the price of the penalty fee, then so be it.

Just give your supplier a call, and see what they are willing to do.

But what about if you move to a new house, and need to change to a different tariff?

Well, you’ll be pleasantly surprised to find that in this instance, your supplier is also unlikely to charge you.

It really is a win-win situation!

To Switch, or Not To Switch? Time to Decide…

Even with the additional penalty fee, you may find that your new deal saves you so much money on your energy costs, that all things considered, is well worth paying.

For example, most people save around £300 by switching supplier in the first year.

If your penalty is just £30, that means you are still making a net profit.

If the timing of a new deal makes that worthwhile, you might find that taking a hit on the penalty is well worth your while.

So…if the thought of paying a penalty is preventing you from switching supplier-start by exploring your options-and doing it anyway!

The saving might make it worthwhile, and if you are coming to an end of your deal, you may find that there is no charge at all.

Armed with this information, you can make confident future decisions, ensuring that your new deal offers the freedom and flexibility you desire-without penalising you at a later date.