Rewards For Switching Energy Supplier

Is it worth switching energy supplier?

The answer to this is almost always yes!

Even if we overlook the matter of rewards, switching energy suppliers is its own reward. It’s estimated that the average household could save over £300 per year when they switch suppliers regularly. As with our car and home insurance, we can fall into the trap of assuming that energy suppliers will reward our loyalty. But this is rarely the case. In fact, as soon as your fixed rate energy plan expires you may lapse onto a default tariff that has you paying more money for the same energy.

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Since 1990 the UK’s energy market has been privatised. That means UK energy consumers have the ability to choose from a number of suppliers for their electricity and gas rather than having to rely on a state-controlled monopoly. In fact, there are over 50 energy suppliers in the UK, all vying for your attention and custom. Yet, unfortunately only around 50% of us switch energy supplier regularly. This is a shame, as not only is it leading to us spending over £800 million more than we should for our energy, it’s also keeping us from benefiting from rewards from switching energy suppliers.

Rewards can provide a further incentive to switch suppliers, with energy companies promising credit, money or other goodies when you join them.

However, these should be taken with a pinch of salt. Just because a company is offering a generous reward when you sign up, doesn’t mean you shouldn’t do your research. If they have a reputation for high prices or a record for poor customer service, joining them just to get a reward can be a false economy.

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Refer-a-friend schemes

Many of the rewards offered to new customers are part of refer-a-friend schemes. Referrals are solid gold to energy companies. After all, as energy consumers an honest referral from someone we know and trust is far more sophisticated than the slickest (and most expensive) marketing copy they can put out.

As such, many energy companies are keen to use refer-a-friend schemes to convert their customers into sales lead generators. When a friend refers you to their energy supplier, they will usually earn a reward for you and for themselves. This usually comes in the form of credit or cashback on your bills.

Energy firms offering money to switchers

There are a number of energy companies currently offering cashback to new customers and customers who refer friends at the time of writing. However, deals often come and go very quickly, so it’s always a good idea to check individual suppliers websites to see if offers listed on coupon sites and other money-saving resources are still valid.

At the time of writing, all of the following suppliers are offering cashback for referrals:

What other rewards do energy suppliers offer?

By no means are cashback rewards the only incentives that energy suppliers offer. Many energy suppliers form partnerships with other companies to provide free or discounted offerings that may be of interest to new customers. Some also offer products and services that complement the energy that they supply.

Here are some common examples of rewards offered by energy suppliers.

Gift cards

If energy companies don’t offer cashback rewards to new customers and referrals, they may offer gift cards for ubiquitous brands like Amazon, Marks & Spencer, John Lewis, or Tesco. This way you can treat yourself to something that is a little more tangible than energy credit or cashback on your bill.

Deals on boiler cover and servicing

A few energy companies offer boiler and heating cover and servicing in partnership with other companies. This enables them to provide discounted offerings for customers who use their energy.

Phone, TV and Broadband deals

Some suppliers like Utility Warehouse and OVO also provide broadband, phone and digital TV packages. Getting all of your utilities under one roof may earn you exclusive discounts (as well as making your billing easier to manage).

Smart tech for your home

Finally, some suppliers like British Gas and Scottish Power also offer free smart home tech with some of their fixed rate energy plans. This can not only add to your home’s convenience by allowing you to control your energy remotely, it can also help you to take greater control of your energy usage and avoid waste.

What to watch out for with energy referral deals

Referral rewards can be a great sweetener. But they shouldn’t be your only reason for choosing a supplier. A £50 is poor compensation for being locked into an energy tariff that you’re not happy with, or having to endure poor customer service.

As such, you should ask yourself the following questions before accepting a referral:

• Are there any terms and conditions that might make the reward into an obligation?
• Do you need to sign up to a lengthy fixed rate deal to get the reward?
• If so, are there expensive early exit fees if you want to leave?
• Could you get a better deal from another supplier? If so, the reward may be false economy.
• What kind of reputation for customer service does the supplier have?

Don’t let an appealing reward lull you into a bad energy deal. Always check the unit rates and standing charges against other deals on the market.

Let us find the right energy supplier for your needs

No matter what you’re looking for in an energy supplier, we can help you to find the right energy deal for your household needs. As well as saving you money, we can also find you a greener renewable energy tariff. We’ll even manage your switch for you from end-to-end. So you can enjoy cheaper, carbon-neutral energy faster and completely hassle-free.

Sound interesting? Take a look at some of our related articles about switching energy suppliers

1. Moving house and Switching energy suppliers
2. Can i switch energy supplier with a debt?
3. Cancel energy contract
4. Switching from prepayment meter to direct debit
5. Ecoes
6. How to switch energy suppliers
7. Switching Gas Suppliers

FAQ

Which energy supplier has the best rewards scheme?

That depends on what you’re looking for in a supplier. “Big 6” suppliers like SSE, Scottish Power and British Gas offer some generous cashback and smart tech rewards, but these may be offset by longer or costlier fixed tariffs. On the other hand, smaller green suppliers like Bulb and Octopus combine fairly generous referral incentives with consistently cheap energy deals.

How often can I switch energy supplier?

You can technically switch suppliers every couple of months. However, this may be tricky to keep up with. Ofgem recommends switching suppliers every 12-18 months. Not only does this ensure that you continue to get a great deal year-on-year, it also keeps the energy market competitive.

Is it worth it to switch if a friend refers me?

It absolutely can be. When a friend offers you a referral, there’s potential for both you and them to earn great rewards. However, you should always look into your prospective new supplier before accepting a referral. You could actually end up paying more in the long run, even with a generous reward for signing up.

Is it worth it to refer a friend?

If you’re genuinely happy with your energy supplier, and think that they can offer a better deal than your friends are currently getting… then absolutely! When you refer a friend, not only do they get a reward, you’ll also get one too. Just make sure you’re actually referring them to a great deal.

Otherwise, things could get awkward!