What are the best options when looking for competitive electricity prices?

By | January 5, 2012

The rising cost of electricity is causing more households to look into ways to reduce their energy bills by any means possible, which may involve improving the energy efficiency of their homes and appliances or getting out of bad habits, such as avoiding leaving lights on when they exit rooms. However, there’s only so much that can be accomplished in your own home – to make a serious difference to your electricity bills, it may be necessary to switch to a new supplier.

Many people who have never changed their electricity provider could find that they are paying too much for their supplies – fortunately, in the digital age it’s now easier than ever to carry out independent research online and find a better price for your home energy. Comparing the different rates charged by energy companies and gaining an awareness of market prices can be all you need to achieve significant discounts and find the most suitable electricity plan for your property.

Even if you’re happy with your current supplier, checking their official website should inform you of the various tariffs and plans they have available, and this could help you identify a more cost-effective option for you – depending on factors such as your personal energy consumption, the size and occupancy of your home and how much time you spend there. If you receive your electricity and gas from different companies, you should also check whether your preferred supplier offers dual fuel tariffs allowing you to receive both utilities from the same place, as this could also cut your costs.

Price comparison websites are also useful tools for helping you evaluate tariffs from different companies, though these sites typically only list the standard price tariffs of providers, rather than the more comprehensive options that can be found on company websites. Carrying out regular checks of these websites can still be useful however, especially during times of energy crisis when certain companies may offer exclusive discounts aimed at attracting new customers.

If you’re considering switching energy supplier to start enjoying cheaper electricity prices, you should inform your current supplier before the end of your contract to arrange disconnection of your service, making the transition to your new supplier easier. Business customers should explore specialised business electricity tariffs designed with commercial interests in mind, as standard electricity plans are likely to be prohibitively expensive for the energy needs of larger companies especially.