When you come to the end of your energy tariff it can seem daunting. At the end of your plan, you will generally be switched onto a much more expensive tariff automatically. This means that you should be aware of when it ends, how to switch if you want to, and what plan to switch to. This guide will take you through the process, helping you to compare energy
and find the right plan for you.
How to find out when your energy tariff is ending
There are a few simple ways you can find out when your energy tariff is ending:
- Call your provider: Calling your provider can be the most straightforward option. Make sure you have your account number ready and they will be able to provide the details straight away.
- Recent energy bill: If you have your most recent energy bill to hand, the end date will be provided on the section that has all of your ‘key information’.
- End of tariff notification: Ofgem regulations state that energy suppliers must notify 42 to 49 days before the end of your plan.
What to do when your energy tariff ends
When your energy tariff ends, you will automatically be enrolled onto a ‘standard variable rate’ (SVR) tariff. This is not only a more expensive plan but as it varies with the market, you could end up effectively paying twice the amount of money for the same amount of energy. Even when you choose to switch, it can take up to 21 days (as directed by Ofgem) to move you onto a different plan. This is why it’s important to understand when your tariff is ending, and compare energy tariffs beforehand so that you can get a head start.
Switching before your tariff ends - watch out for exit fees
If you want to switch before the 49 day window, you may be charged an early exit fee depending on your agreement. Therefore, if you find a cheaper energy deal, it’s important to factor in this charge, which could be £30 to £50. But from 49 days before, you can switch without any penalties, so it might be in your best interest to wait until this window.
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