The Cost of Switching Energy Suppliers

Is it free to use Moneyhound?

Using Moneyhound, powered by Switchwise, to price compare energy plans is completely free. Should you decide to apply and switch today, your application will be handled by Switchwise. Switchwise is a completely free service. Switchwise do not charge you to switch electricity and gas providers.

How much does it cost to use Switchwise?

Switchwise is a completely free service. Switchwise do not charge you to switch electricity and gas providers.

Will your new supplier charge you to switch?

No, your newly chosen energy supplier will not charge you for switching your gas and electricity accounts to them.

However, if you are moving home then you will be charged a connection fee by your new supplier. The connection fee appears on your first energy bill with your new supplier.

Will your current supplier charge you to switch?

Only if you are currently on a fixed-term contract and the fixed-term period has not expired then your current supplier may charge an early termination fee for cancelling your contract early. To find out more about the charges that may apply, you will need to review the terms of your current energy plan or contact your current energy supplier.

How do you avoid early termination fees?

If your contract with your current supplier is about to expire and you want to switch without the risk of being charged a termination fee, we recommend the following:

If you DO know when your electricity meter and gas meter are next likely to be read (you could find this out by looking at your last bill and adding 3 months, or 2 months for gas in some areas), then:

  • If the meter read date is AFTER the date on which your current contract expires then you could apply to switch suppliers now

  • If the meter read date is BEFORE the date on which your current contract expires then you should wait until after your meter read date to apply to switch suppliers.

If you DO NOT know when your electricity meter and gas meter are next likely to be read, we recommend that you wait and only apply to switch suppliers at most 1-2 weeks before your current contract expires.

Please note that there is a 10 business day (i.e. 2 week) cooling-off period after you submit your application to switch - only at the end of this 10 day period will your new supplier start the transfer process.

If you are still unsure what to do we recommend calling your current supplier and asking them to move you across to a different, non-contracted plan after your current contract expires to ensure that your contracted plan is not automatically renewed and you are locked in again. Then you can take your time and make a decision about which company you want as your new supplier.

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