Your Guide to Energy Tariffs

IT’S TIME TO COMPARE ENERGY TARIFFS

Compare energy tariffs !!! no matter how much we like to think otherwise, our energy bills are just one of the necessities in life we have to recognise. Unfortunately, many people choose to sweep their bills under the carpet and refuse to acknowledge how much they are paying.

Over time, it means that we don’t know our own tariffs or how much we’re paying. However, we don’t believe it should be this way and today we are going to attempt to make the whole process easier and more accessible for all!

Let’s not beat around the bush, the many tariffs in the market can make the energy industry confusing. After reading this though, you should be in a better position to not only understand your bills but also know how to save money in the long-term. Without further ado, let’s take a look!

Fixed Rate Tariff

When you have this tariff for your energy, the rate you pay will remain the same for the amount of time stated in the contract – usually, this will be a maximum of two years. As soon as this time period has finished, you can switch, shop the market, and save once again.

However, you will probably need to pay an early exit fee if you choose to leave earlier than this. If you’re somewhat of an advanced planner when it comes to your finances, this can be a great tariff because you know exactly what you will pay.

You can check them out for yourself here : COMPARE FIXED RATE TARIFF

Standard Tariff

Sometimes, this will be called the ‘variable’ tariff and it does exactly what the name suggests. Whenever a contract is left to renew, you will normally automatically go onto this tariff and the prices fluctuate over time.

Compared to a fixed rate tariff, this is far more flexible and you won’t have to pay any cancellation fees for leaving early. As a result, the provider doesn’t have security and you will pay a higher price than with a fixed rate tariff.

Dual Fuel Tariff

If you have both electricity and gas with one provider, this will be under a ‘dual fuel’ tariff and you are likely to benefit from special offers since they will be happy for your custom.

Although this is definitely an easy method of getting coverage, you should always shop the market because this won’t necessarily be the cheapest option – a cancellation fee may also apply.

Capped Tariff

Once again, the name helps to explain the principle here as your price will be capped. After you sign the contract, the prices can fluctuate but they will never rise above your capped amount.

With this option, you get the best of both worlds because you could benefit from lower prices and you have an upper limit so you can plan your finances. Of course, you also run the risk of paying more than other tariffs so this should be considered.

Green Tariff

In recent years, we have seen a move across to ‘green’ solutions in most industries and the energy world hasn’t escaped this. In fact, they have embraced it and you can enter a green tariff today.

In truth, they are all quite different and they boast unique features because some will ‘give back’ the energy you don’t use while others use renewable energy for your home. Either way, you will be contributing to our great planet.

Despite popular belief, these don’t have to be the most expensive tariff. This being said, you do have to be careful if cost is a priority because they do average out higher than most others. With the green tariff though, it is more designed for those who want to contribute to the environment and reduce pollution.

Online Tariff

If you prefer not to pick up the phone or talk to someone face-to-face, the online tariff is perfect and you can manage everything about your account online. Of all the options, this will be the cheapest and you will help the planet once again because there is no paper billing.

For some, this will be a downside because paper notifications are often more reliable. If you ever have a problem, you will also have trouble finding someone to help.

Feed In Tariff

If you have the facilities to produce your own energy, this is a superb option because the energy company will effectively pay you. Regardless of whether you have wind turbines nearby or whether you have installed solar panels, you can get paid for producing your own energy.

Although this is surprising to say the least, it will be costly for you to start with because you have to install the appropriate equipment. Therefore, this is very much a long-term aim and one that you could reach eventually.

Economy 7, 10, or Time-of-Use Tariff

With the two economy tariffs, they normally offer lower prices for a certain amount of hours per day – seven or ten. For example, the ‘Economy 7’ option will offer cheaper rates between midnight and seven in the morning. On the other hand, the ‘Economy 10’ policy will have the cheap hours spread throughout the day.

As well as benefitting from cheaper rates, customers are also normally given a meter with which they can record how much energy they use. With this, you can adjust your habits and only use devices or appliances at certain times in the day. Ultimately, you won’t get the full benefit if you don’t plan on adjusting your habits so this is something to consider.

Check out our : ENERGY TARIFFS COMPARISON SERVICE

Pre-Payment

Finally, the easiest way to explain this option would be to refer to the pay-as-you-go phones we all had for some years. Before the contract starts, you will have a meter fitted and you can use this to ‘top up’ whenever required.

Typically, this is the most expensive method so it is most commonly used in rental properties with multiple tenants as they only have to pay for what they use.

Conclusion – There we have it, you should now know everything there is to know about comparing energy tariffs. If you’re currently shopping for a new tariff, keep this bookmarked to your web browser and you can refer back whenever necessary.

If you need even more help, visit our  energy price comparison service and you can compare multiple services at once!

By | 2017-03-28T20:19:15+00:00 March 28th, 2017|Energy Guides|0 Comments