Are you paying too much for your energy?

7 February 2014

Written by: Campaigns team

Better Lambeth - Housing and planning

Register with the Big London Energy Switch by 17 February and you could get a better deal on your gas and electricity.

The Big London Energy Switch is an energy auction run by 23 London boroughs, aiming to help you lower your energy bills.

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Are you paying too much for your energy?

How do energy auctions work?

When many people group together they hold a greater bargaining power than they would individually. Together we can get energy companies to compete to offer you their best prices. So, the more people that register for The Big London Energy Switch, the greater the buying power and the lower the price that may be offered.

How much could I save?

This will depend on how much energy you use and your current tariff.

Recent similar schemes have seen a yearly saving of between £60 and £200 per household. And as registering does not commit you to anything, there is nothing to lose by registering.

There is no guarantee that the switch will save you money. Different parts of the country may get offered different rates due to regional circumstances, and consumers who have recently switched energy providers may be on the best value tariff already.

Who can take part in The Big London Energy Switch?

Anyone who pays a household energy bill can take part. This includes tenants and people who have prepayment meters.

Those who are more than £500 in debt to an energy supplier are not allowed to switch their energy companies.

What happens next?

Registration for the February auction closes on 17 February, after which time all the energy companies are invited to offer their best prices to all those who have registered on the auction day, 18 February. The winning energy company simply offers the lowest price to registrants.

Within two weeks after the auction you will receive the details of exactly how much money you personally could save if you accept the energy company’s winning offer.

There is no obligation for you to accept the offer: if you do not want to take the offer, you do not have to.

If you do decide to take the offer, you will have to notify the switching provider by 31 March, and they will then inform your new energy provider. Due to legal regulations, Lambeth Council is not allowed to assist you from this point onwards.

A few weeks later you will receive the welcome pack from your new energy provider, and will ask you for your meter readings. The whole switching process should be complete by mid May 2014. Should you have any questions, your new energy provider will be able to help you.

How do I register?

The fastest way to register is through The Big London Energy Switch website or you can call us on 020 7926 1000.