How much does it cost to switch?
Switching energy providers need not be a stressful task, in fact, it is just as simple as changing mobile phone provider or insurance supplier. By using a price comparison website, you can easily find the best deals in several minutes and figure out what kind of plan will be best suited to your living situation as well as your location in Australia. In this article we are going to go through how much it can cost to switch energy providers, so you are not surprised by any fees or costs that you did not know existed!
Step 1: Using a price comparison website to find the best deal = FREE
Just like if you were comparing insurance providers, using an accredited price comparison website will be completely free for you to use and will pull prices from multiple sources to show you the best deals. To get the most accurate deals, ensure you have all your personal details to hand as it will give the best calculation.
Step 2: Calling up your current provider to tell them you want to switch = FREE
It does not cost anything to speak to your current provider and alert them that you are looking to change to “X” provider. Often, they will ask you a series of questions to find out the reasons why, and some suppliers may try to keep you on your current plan depending if they have any special offers. Use this as a chance to ask questions about your current plan and compare it to the one you are looking to switch to.
Step 3: Making the switch = FREE (depending on contract)
If you are on a fixed-term arrangement and want to terminate your contract early, there may be an exit fee from your current supplier. We always recommend seeing out your fixed term contract to avoid extra charges or choosing a provider that is more flexible. The best way to find this out is to ask your current supplier on the phone what their process looks like and check your terms and conditions before moving.
It is important to weigh up whether the exit fee will end up costing you more in the long run. Once you switch providers, there is also a period where you can cancel and switch to a new plan (usually a 10-14 day, please check with your supplier). Once that time frame is up, but you decide to switch again, you will incur a fee, usually larger than an exit fee.
In summary, costing to switch in principal should cost you $0 if you follow the right process and are patient with the transition period from your current provider to your new one; However, if you switch too quickly or do not consolidate your terms and conditions, you may be liable for a fee. We always recommend speaking to your current supplier over the phone and ask as many questions as possible before making a switch, so you are completely aware of what the process is. This, in turn, will save you money, time, and stress!