How to Correctly Do a Dual Fuel Comparison
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It is true that some of the lowest energy rates are offered as dual fuel discounts, but just switching to a dual fuel tariff does not automatically mean you save the most money on your energy bills. There is a correct way to do a dual fuel comparison and it can mean checking out more than one supplier and more than once, since tariffs change over time. How much you save is quite dependent on the supplier and it can vary greatly across different regions. Finally, switching from one tariff to another can trigger penalties, so you must figure out whether paying the cancellation penalty is worth the savings that a dual fuel discount will provide in the future.Why Regions Matter
As unfair as it may seem to the consumer, some utilities charge more in their home areas of operation simply because they can. They had a monopoly on prices there for a while, and continue to charge extra, but that is all changing as the UK energy market becomes more competitive. What this means is that your place of residence may have the biggest impact on how much a supplier charges you for your energy usage. Thus, you want to make sure to check out more than one supplier for the dual fuel discount. Your home utility company will give you their lowest price when asked, but it may not be the lowest price you get from every supplier who services that region.
How You Save
The deals that you get may have savings showing up as a percentage discount, like 2 percent savings from E.ON Energy. It can show up as a yearly discount taken off the top of the bill as a monetary amount. Or, it may show up as a monthly savings on the energy bill. Your goal is to compare the gas and electric billed as a dual fuel tariff versus that billed separately. In order to do a dual fuel comparison correctly, you need to understand the terms of each contract and compare it on the same length of time, as well. This way, you can figure out who has the best deal and whether switching to a dual fuel discount make senses now or if it will be a better deal later, when you won?t suffer high cancellation fees.
Find the Cheapest Dual Fuel Discount First
Go online and check Energy Helpline at www.energyhelpline.com to do a quick online comparison of suppliers in your area. The Office of Gas and Electricity Markets (Ofgem) has accredited this site as a trustworthy online venue to compare fuel prices online. All you have to do is enter your postcode into the search engine for it to pull up the best deals for several suppliers in your area. It will ask you for more data, but if you don?t know your usage, it will estimate it for you. Eventually, it will pull up three tabs when you are done showing the billing for gas and electricity combined (dual fuel) and as a separate billing. Find the cheapest dual fuel discount first to figure out how much you might save in comparison to what you are paying now.
Compare Dual Fuel to Single Fuels
After you?ve checked to make sure which dual fuel discount is the best deal in your area are (which is also is better than the deal you currently have), you will also need to check that supplier to see if that single fuel deals are any better. Often they are not. However, to be thorough, you need to compare dual deals today with single deals for the entire yearly costs, not just monthly or based on a percentage discount.
Factor in Cancellation Fees
Once you have a good idea of the actual true savings, you will need to determine how much it might cost to get out of your previous contract. There might be termination fees that apply to switch to a new provider, but they also may be well worth the savings. The only way to find out is to contact your current provider and find out what it would cost to terminate the contract. Once you add on that additional cost to the dual fuel discount for the year, you may find it is not much of a savings this year. However, it could save you plenty as the years go by.
About author: Laura Ginn
?Laura Ginn understands that the best way to learn how much money you could save by switching energy supplier is to perform a duel fuel comparison. For energy saving tips, uSwitch is the website to visit.
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