Using Brexit to get better deals on energy
You already know, thanks to the Yellowhammer document, that energy prices will rise significantly once the UK leaves – especially if there’s no deal with Brexit.
This is because the UK relies mainly on energy that it imports from Europe – therefore, energy bills across all of the UK will rise due to the increased costs of energy transportation.
In this respect, analysts advise people to try and switch to longer and fixed-term energy rates, in order to avoid the price hikes that will definitely come after Brexit hits.
The Risks
First of all, it is worth mentioning that you shouldn’t run after the energy providers that make you offers that seem too good to be true. This is because these suppliers are always ready to offer you long-term contracts, even though they don’t know the regulations that will apply after Brexit.
As you know, this big event that we call Brexit is characterized by one simple word that makes the whole thing even scarier – namely, uncertainty.
We still don’t know whether the UK will leave the EU with a deal or without one. Energy providers don’t know that either, so you shouldn’t pick an energy deal based on the potential results of Brexit.
Check Your Current Supplier
For starters, it is recommended to do the following:
- Take a look at your supplier as well as the current tariff you are being charged.
- Check how much you spent on energy – and gas – in the past year.
- See how you currently pay your bill, via either direct debit or cheque.
- Determine how you would like to pay in the future.
With all of the above noted on a piece of paper, check what other deals your supplier has available for you. Some of them may even have special Brexit deals that are meant to minimize the damage caused by it.
However, keep in mind that you should always compare prices to minimize impact – this means checking multiple suppliers and multiple deals.
Supplier Switch
Popular at the moment is the switch and fix of the energy provider in order to avoid any post-Brexit prices.
This implies contacting an Ofgem-accredited website – all of them carry the Confidence Code – this will help you get the best energy deal in town.
Once you find a supplier with a tariff and deal that suits you, then you can switch – by calling your supplier or via a price comparison website. Switching takes up to 18 days.
The best part is that the Ofgem-accredited websites can show you the best deals for a post-Brexit scenario and help you pick the right one for your financial situation and such.
The Bottom Line
If you are worried about your utility bills in the future, you don’t have a lot of work to do to make use of Brexit and get an energy deal that will satisfy you. Energy providers know that they either give you the best deal or lose you as a customer!
Even if they have to endure higher tariffs, it seems that they can come up with energy plans and deals that will make you feel Brexit’s impact as little as possible.
However, as mentioned above, remember to compare multiple deals – in fact, it is better if you check every single offer that’s available for you.
