The safest option!
Ofgem, is the Governing body for UK energy markets. They have accredited a few comparison sites which follow a strict set of rules to protect the consumer. All the comparison sites which are accredited by Ofgem are listed here.
Is your comparison site accredited by OFGEM?
There are many comparison sites out there. You have probably only heard of the ones which advertise on TV. But has your comparison site been accredited by OFGEM?
You may be surprised to learn that, the comparison sites that you are more familiar with, are not actually accredited by OFGEM. This is the Government Office for Gas and Electricity Markets. Many of the comparison sites don’t meet the criteria as set out for the OFGEM accreditation!
Ofgem Accredited Comparison Sites
If you are going to switch to a cheaper online energy deal, then use one of the Ofgem Accredited sites. They are governed by a strict set of rules which put the consumers needs first!
Is there a totally independent site which displays the tariffs of each of the suppliers. This would simplify much of the issues which switchers are concerned about. Other factors are variable or fixed period and daily charges. This would make life much easier. This list should be provided by a government body that receives no commission or other financial benefit. At a glance the major issues to each switcher would be apparent.
Hi Bill. This is already in place on the OFGEM Accreditd Comparison Sites. They do receive financial benefit but, they have to adhere to a strict set of rules which put the consumers needs first.
In addition, if this was done by a government body which receives no renumeration, it would put many companies out of business. This would also make thousands of people redundant!
I have been using uSwitch repeatedly in recent weeks, but I think my comment probably applies to all the comparison sites. What I have realised is that if you are comparing an existing fixed term deal and getting comparisons, the results will be presented in a way that makes it look as if you could be getting huge savings, say £200+p.a., but then when you look at how the comparison is made (the small print) it turns out that those headline savings are deceptive……they make the assumption that when your current deal expires you will be put onto that suppliers SVT for the rest of that 12 month period……..which inflates the apparent savings to be made. In the example above of £200+ savings, this comes down to £66 when a like-for-like comparison is made……but of course the comparison sites have a vested interest in making the potential savings look huge because they only get paid when someone switches. It’s a con!
Hello Ronald. Thanks for your comment. However, The comparison sites are not doing anything misleading. When your current discounted tariff comes to an end, you are generally placed on that suppliers Standard Variable Tariff as you have stated. So, savings should be shown based on the tariff you would be placed on if you don’t switch your supplier.
If your current tariff wasn’t coming to an end then, the savings would be shown (as you have stated in your case) as the smaller saving of £66.
Being a savvy consumer, you are not going to make the higher savings that are shown on comparison sites because you avoid the higher priced tariffs by switching your supplier before they place you on the Standard Variable Tariff.
But I do get what you mean:)
I agree with Ronald West September 21st 2018. this is a bit of a con,
comparisons should be made on your current tariff not including one you may never actually go on.
We never used to have to endure this annual jiggery pokery it is purely to enable more and more suppliers to make money from the consumers most definitely not in our favour unless we dance to this annual tune like puppets on strings.
Carol Ann Wright.
There’s not much point in comparing your existing tariff if it’s ending soon!
Hello Carol Ann Wright. Many thanks for your comment. If you are comparing prices when your tariff is ending soon, you are doing something to avoid being placed on what is normally a more expensive tariff.
Let’s say you are currently paying £800 on your current tariff but, that is ending in 3 weeks. When your tariff ends, you will be paying £1200. You have done comparisons, and you are getting quotes for £850. With that information, the comparison site will show you will be making savings of £350. Okay, so you see that you will in fact, be paying £50 more. You will be saving £350 by switching at this point because you will be avoiding being placed on the more expensive tariff!