How to Save Money When Setting up Energy in a New Home

Did you know that new movers often spend way over the odds for energy in their new homes? Here’s how to avoid joining them!

How to Save Money When Setting up Energy in a New Home

Nobody can deny the excitement and sense of adventure that come with moving to a new home. Unfortunately, nobody can deny that it is also far from cheap! Deposits need to be paid, solicitors and conveyancing services need to be paid. Broker’s fees may need to be paid. And that’s before you factor in the cost of the removals themselves.

With all this in mind, the last thing you can afford is to throw money away during your early days in your new home. Yet that’s exactly what many households find themselves doing.

Why is energy so expensive in a new home

According to the energy experts at Switch-Plan, setting up energy in a new home can start saving you money as soon as you move in. When you move into a new property, you’re automatically placed on a ‘deemed contract’ with whatever supplier the previous occupant used. So they become your temporary supplier by default. Under a deemed contract you’re usually placed on the supplier’s standard variable plan. This is often their most expensive tariff. The good news is that you can leave this plan without incurring any exit fees.

Here’s how you do it properly.

Start looking at new plans before you move

You can’t switch energy plans until you are legally responsible for the property’s energy supply (i.e. when you move in). However, you can start researching energy quotes for your new home. The earlier you start doing this, the more likely you are to have a good idea of which supplier and tariff are right for you when you move in.

Provide the right information to get accurate quotes

When carrying out energy comparisons, it’s important to have the right information to hand. You should have an accurate idea of your monthly / annual energy usage in kWh. Your energy supplier should be able to furnish you with this. While suppliers will give you an estimate depending on the size of your property, it’s best to know which tariffs will be best for your real-terms usage.

You should also get the name of the incumbent supplier at your new home. The local Distribution Network Operator (DNO) will be able to help you with this.

Take meter readings in both properties on moving day

You don’t want to find yourself paying for energy that someone else is using in either your current or new home. Make sure you contact your current supplier to notify them of your move. You should do this 48 hours before your moving day at the very latest.

It’s also important to take meter readings at both properties on your moving day. Report these as soon as possible and take pictures just to be on the safe side. Your current supplier will send a final bill to your new home within 6 weeks of your moving day.

Make your switch as soon after moving as possible

The longer you wait, the more money you could waste on a deemed energy contract with your new home’s incumbent supplier. While it’s unlikely that you’ll find time to make the switch on your moving day, you should try and make it as soon after moving as possible.

What’s more, you should consider switching every 12-18 months to ensure maximum savings on your energy bills. Most households can save over £300 a year by switching regularly!