Should I switch energy suppliers?

We know a fair price is what people want most from their energy supplier but there’s more to consider. Whether you’re already an Octopus customer, are thinking of switching to us or are simply exploring your options, we’ve put together a helpful guide on what to check when choosing your energy supplier.

Choosing an energy supplier

We give customers fairly-priced green energy with outrageously good service, so we hope we’re a great choice. When you’re picking a supplier, ask yourself these questions:

What to check before you switch

Before switching take the time to understand your current energy deal and ask yourself:

Is my new quote personalised to my home’s energy use?

If you’ve already got a cheaper quote from a new supplier, the chances are it’s based on your estimated use and not actual use. Estimates are given based on national averages for your type of household, so your quote won’t necessarily be accurate and could leave you with a nasty bill shock when you get your first bill from your new supplier.

Your current energy supplier will be able to give you your real energy use figures, so you can make sure any new quote is really accurate.

If your bills are estimated, you’ll want to submit an up-to-date meter reading to your existing supplier to generate an accurate bill to help get your account in order before a switch.

Future tip: If you don’t want the hassle of submitting regular readings, consider getting a smart meter when the time is right - they’ll give you super accurate bills and, with Octopus, you’ll get access to cost-busting energy insights in our app.

Is my current payment higher because I’m paying off debt?

Your existing supplier may be taking any debt into account when working out your monthly payments. So, if you’re comparing your current bill to a quote from a new supplier, it’s unlikely to be a true comparison because the new quote won’t include any debt but your current bill will.

Have I built up a lot of credit on my account?

If you have, and you pay by Direct Debit, this could be a sign that you’re paying a bit too much and could afford to reduce your payments or get a refund. We’ll always make recommendations to make sure you can cover the cost of the energy you use and get to a healthy balance. With us you’re always in control of your payments, and can change them or get a refund online without needing to contact us.

Our Balance Forecast tool maps out your energy balance over the next year, so you can see the impact of raising or lowering your Direct Debit. You can use it to test out different payment amounts, decide on one you're comfortable with, and clearly see what your balance should look like in a year's time.

Will I be charged exit fees to leave?

If you're on a fixed tariff, check the length of your contract and whether you would have to pay to leave before it ends. Exit fees vary from tariff to tariff but can be around £150, that’s £75 per fuel on a one year tariff. If you do have to pay exit fees, it could make a big difference against any potential savings of a cheaper deal, so make sure you check before switching.

Remember that your supplier can't charge exit fees if you switch in the last 49 days of your fixed tariff.

Ready to switch?

Now you’ve worked through these helpful questions, you’re ready to switch - great! Here's how you can switch to Octopus in minutes.