MoneySavingExpert have so far successfully launched 4 Energy Collectives and their fifth one launches on 12th September. Their is no obligation at all, but to make sure you are considered, you need to be either a Cheap Energy Club member already or receive the MSE weekly email. It’s really easy to sign up to the weekly email and as most of you will know, they have some fantastic money saving tools in.
How does an Energy Collective Work?
The idea behind an Energy Collective is the simple concept of bulk ordering. If you go to British Gas and say you want to switch to their tariff, they will give you a certain rate. But if you approached them and said I’ve got 5 million users who might be interested in switching (and over the previous 4, over 350,000 people have switched), suddenly they have the potential to get a lot more business and therefore they can offer a better rate as the smaller slice of the massively larger pie is worth a lot more to them. MoneySavingExpert will approach all of the main energy companies who will then bid by offering their best tariff.
How does energy switching work?
The simple answer is: it’s really easy and requires very little from you. Don’t worry, the pipework, circuits, transmission cables and the actual gas and electricity flowing through your home are all the same. All that will change is the customer services number, your online billing account oh and the price 😀
The new supplier deals with pretty much everything, informing your existing supplier, setting up your account and informing you of the planned switch over date. All they will generally ask from you is a meter reading around the time of the switch date so both the old and new supplier know where to bill up to and from.
How long does it take to switch energy supplier?
The entire switching process normally takes between four to six weeks to complete. As a consumer contract, there is an automatic 14 day cooling off period during which you can cancel the switch if you wish without any charge. So nothing happens during this period. As soon as it has ended, you will receive communications regarding the tariff you have signed up to, the expected switch date, etc.
In terms of the actual switch, don’t worry you won’t have any down time. The switch itself is seamless in terms of your gas and electricity supply.
So, what are you waiting for, register for the Collective. But remember it might not necessarily be cheaper than your current deal (or than another existing deal). So make sure you compare.
The link to the Money Saving Expert Energy Collective page is: www.moneysavingexpert.com/cheapenergyclub/collectiveswitch