Five Things I Wish I Had Known Before Deciding on My Energy Provider

Procuring energy can be a long and confusing process and it doesn’t have to be! We’ve compiled a short list of considerations for anyone who is thinking about buying their next energy contract, whether that is for now or in the future.

When Should I Buy?
You don’t have to wait until you are close to your existing contract end date in order to agree your next energy contract.  Most power and gas contracts can be agreed up 3 years ahead of the start date and some, depending on the product you choose, can be done even further ahead of time. So, depending on when your next contract is due, you will be able to take time to understand the different product options available, get prices and agree your energy contract well ahead of time.

Why does this matter? The cost of power and gas varies over time, it is rather like the stock market. Therefore, it could be beneficial for you to agree your contract prices when the market is at a low point. We are currently seeing prices gradually increase, however they are still lower than the market high point seen in recent years and the end of lockdown, approaching spring weather and the vaccine rollout provide some optimism and potential for future market falls. In market conditions such as these, our advice would always be to be proactive and to come to us well in advance of your renewal dates, so we can then track the markets on your behalf to a more optimal budgetary position.

Beware of Complex or Unclear Energy Offers in the Market
Finding your way through the energy market can be a minefield and that is why a good Energy Consultant/TPI can really help you make it clear, safe and simple.

There are many products in the market, some totally fixed and some with elements of additional costs that may not be shown on your electricity contract offer; and may be passed through to your bill. Always make sure you are clear on the product you are buying, and you have seen the terms and conditions. It’s important to know how the charges feed through to the total costs that you will see on your bill.

By using a reputable Consultant/TPI who will be clear, honest and transparent, you can be supported in getting the best product for your needs. They will be able to take away the work associated with dealing with your suppliers on queries and contracting, help you avoid any pitfalls and ultimately, save you time.

Always Make Sure You Are Clear on Any Termination Clauses in Your Existing Contract
This is important as if they are not adhered to you may find yourself locked into a renewal contract you may not have chosen or want. Your energy provider and TPI will be able to help you with this and we would always advise that you are clear on any termination clauses at the point of contracting. If you are unsure about your existing contract, it would be well worth checking the terms and conditions you are on now.

Make Sure You Are Kept Informed of Market Trends or Changes in Energy Regulations That May Affect You
Sustainability is important for all of us today and in the future. It’s worth looking at the renewable energy options that you can take advantage of.

Stay informed about the energy market, when prices are low, it may be worth considering a renewal for your contract.  Most importantly, stay on top of regulatory change. The UK Government have very recently put in place regulations whereby larger Multi-Academy Trusts now have to report on energy usage and their carbon outputs on an annual basis (find out more here).

Find a provider who will look after you and your energy needs.
This is one of our biggest tips, find someone who will provide you with a hands-on, bespoke service and look after everything you need energy-wise. Choose someone who can take the extra work away from you and make your energy buying easy.