Switch now or wait?

A question about : Switch now or wait?

Currently on a fixed price tariff till end march 2015. I can switch any time (no exit fees)

Should I switch my gas and electricity supplier now (can save potentially Ј200) or should I wait a couple of weeks to see if prices fall further?

Many thanks

Best answers:

• Bird in the hand? If you do nothing then your energy costs will increase as your supplier will move you to its standard variable tariff. Personally, I would switch to another fixed tariff with no exit fees. You can then switch again once your switch has gone through if energy prices drop. My guess is that little will happen until after the General Election.
• Agree. Most unlikely that anyone will drop prices again prior to the election, with the threat of a 20 month price freeze hanging over them.
• naf- switch just after your DD has been paid into you account.
• Scottish Power March 2015?
  Just switch over to March 2016, which is market leading currently, and has no exit penalties.
• Tempted by the MSE Energy Club Deal, and signed up only to find my existing supplier would spank me with Ј50 early exit fee if I left before 28th Feb. New supplier wouldn't allow me to nominate a start date.
  What other service denies the client the right to nominate a Start Date?
  Stuck with existing supplier who will save me money on a new Fixed Price Tariff to 29th February 2016. As he will then shift me to his Public (Maximum Cost) option on 1st March 2016, feel somewhat trapped if I'm not allowed to opt for an alternative supply contract, contiguous with the existing.
• When does your contract end? If it is a fixed price contract then you are free to switch without the risk of any exit fees when you are less than 7 weeks from the end of your contract.
• The cheapest one had exit fees. So I went with the 2nd cheapest one which has no exit fees allowing me to switch again when need :-) So I have switched!
  Only reason for the delay is that the process of switching takes 4 to 6 weeks and was worried that prices will fall further...
  But then I'll switch again in 6 weeks time if prices fall a lot more!
• Switching now takes 3 days following the 14 day cooling off period. That said, setting up the account can take quote 35 days in accordance with industry procedures unquote. Well that's E.oN's excuse for not setting up my account.
• What does uSwitch give as the cheapest deal for you?
  Like Pincher, for me Scottish Power March 2016 is the best deal. I was on SP December 2015 for a few weeks, then SP January 2016, then SP February 2016 and a couple of days ago switched to March 2016. And if they bring out an April 2016 which shaves another few quid off I'll switch to that.
  uSwitch has a nice facility which emails you if a new deal comes out that would be >Ј25 cheaper than your current deal.