When Should a Homeowner Review Their Electricity Tariff to Optimise Running Costs?
One of the most impactful, yet often overlooked, strategies is regularly reviewing your electricity tariff. Optimising your electricity tariff is crucial for any homeowner, but especially so if you rely on an electric boiler for your
heating. Here's a breakdown of the key times you should be reviewing your tariff:
1. Annually, Without Fail (or even more frequently):
This is the golden rule. Even if you're happy with your current provider, make it a habit to check the market at least once a year. The energy market is constantly changing, with new tariffs, introductory offers, and price adjustments. What was competitive last year might be overpriced today. Setting a reminder in your calendar for a yearly review can save you hundreds of pounds.
2. When Your Fixed-Term Tariff is Ending:
If you're on a fixed-term contract (typically 12 or 24 months), your energy supplier will usually notify you a few months before it ends. This is your prime opportunity to shop around. Don't just let your contract roll onto their standard variable tariff, as these are almost always more expensive. Start looking for new deals as soon as you receive that notification.
3. When Your Energy Consumption Changes Significantly:
Have you had an extension built? Welcomed a new baby (and all the extra washing and heating that entails)? Or perhaps you've invested in better insulation or new appliances that are more energy-efficient? Any substantial change in how much electricity you're using should prompt a tariff review. A tariff that was perfect for your previous consumption might not be the most economical now.
4. When You Notice a Significant Change in Your Bills:
If your monthly or quarterly electricity bills suddenly jump without a clear explanation (like a price increase notification), it's a red flag. This could indicate that your current tariff is no longer competitive, or that there's a more suitable option available for your usage patterns.
5. When You're Considering Smart Home Technology or Energy Storage:
If you're thinking about
installing solar panels, a home battery storage system, or investing in smart thermostats, reviewing your tariff is essential. Many energy providers offer specific tariffs designed to work with these technologies, allowing you to maximise your savings and potentially even sell excess energy back to the grid.