Are you worried about your energy bills going up each month? Or do you think you are spending too much? With the increasing number of energy suppliers on the market offering some eye-catching deals, there has never been a better time to switch provider. Expert Agent has partnered with energyhelpline to launch a collective switch […]
Are you worried about your energy bills going up each month? Or do you think you are spending too much?
With the increasing number of energy suppliers on the market offering some eye-catching deals, there has never been a better time to switch provider.
Expert Agent has partnered with energyhelpline to launch a collective switch that will help consumers get cheaper energy deals from suppliers.
The Greatbritishcollective uses group buying power to get exclusive deals from suppliers and has so far helped thousands of households to switch to cheaper tariffs.
The last collective in November saw over 70,000 sign up to the auction with switchers saving over £313 on average.
What is collective switching?
The best energy tariffs are not necessarily always available direct or with a price comparison service.
One of the options available for consumers looking to get a better deal on their gas and electricity bills is through collective switching, which was launched in 2012 by then Energy Secretary Edward Davey.
People looking to change their energy providers are often able to negotiate lower gas and electricity tariffs by banding together, compared with when switching individually.
Once people have registered, an auction then takes place where the energy suppliers compete for the custom of the group.
Why sign up?
According to Which?, average annual energy bills have gone up by a staggering 73% to around £580 per household over the past ten years.
Despite lower wholesale costs and one of the warmest winters on record, consumer groups have warned people not to expect lower energy bills in the near future.
While the big six energy companies have cut standard tariffs, they have been accused of not passing on drops in wholesale prices to customers.
Which? estimates that UK households should have received cuts of up to 10% on gas and electricity to put them in line with wholesale price falls.
How does it work?
Registration
Registering is free and at this stage there is no obligation to switch.
During this period of time it is often unclear about how much you can save on the collective switch as the amount is not decided until everyone wanting to take part has registered.
Auction
Once you’ve signed up energy suppliers are invited to take part in a reverse auction. In a reverse auction suppliers bid head-to-head against each other for the collective group’s custom. The auction is the reason collective switchers commonly end up with market-beating deals as suppliers look to undercut each other.
The deal
The personal offer will contain details of the winning energy deal, its benefits and how much you could save. You will also be shown how the deal compares with other tariffs on the market and if you prefer you can switch to one of those. It is important to remember that even at his stage there is no obligation to switch.
Acceptance period
You will then have a short time, usually a few weeks, to decide if you want to switch and save. If you choose to switch online or by phone, energyhelpline will organise the transfer and support you through the whole process.
How to register
The next switch will be open from 15 February. You can make sure that you don’t miss out by filling out the form here. It’s free and you’re under no obligation to switch.
What information do I have to provide?
Registration is quick and simple and you won’t need a bill. You will need to provide your name, address and contact details, as well as the details of your current energy supplier.
Do I have to accept the winning tariff?
You’re under no obligation to accept the winning tariff. Before you agree to switch, you’ll be told exactly how much you can save. The more people that sign up, the more buying power the group has and the better the deal is likely to be. If you decide to switch, energyhelpine will support you through every step of the process, both online and over phone via their UK customer service team.
