How we work out your energy savings

We all like to save money but working out how to do it can sometimes be hard. Which is why comparethemarket.com exists, because we like to compare stuff and we take the hassle out of finding a better deal on your energy. But how do we do it – is it all magic, witchcraft and wizardry? Well, let’s find out, shall we?

What’s your goal?

The aim of comparing energy suppliers is to find the best deal that you possibly can. And in order to work that out we need to know what you’re paying now, which means finding out things like, the tariff you’re on, where you live and who your current supplier is. It’s not that we’re being nosey – we need the answers so we can calculate the best packages and show you what your savings could be. So, when it comes to comparing best buys, it’s always handy to have your latest gas or electricity bill.

Our method – an industry standard

We use the Ofgem approved savings calculation which is called a Personal Projection.

The saving and cost we show is based on an average annual bill amount using the details you provide. The more accurate you have been at providing details about your current usage, the more precise the estimate will be.

If you have provided details from a recent bill, we will have used the date of this bill to apply a seasonal adjustment to your usage estimate. We assume that at the end of your contract you will roll off onto your supplier’s standard variable tariff which is standard practice across the industry.

Assumptions

There are certain things that we take for granted when it comes to working out future savings and best tariffs for you, things like – the amount of energy you use won’t change dramatically from year to year. So, if you know that your energy use may change (like if you have a baby and suddenly need the washing machine on day and night) then you’ll need to take this into consideration.

We’ve also safely assumed that if you use gas, then you’re connected to the main gas supply and that you have an existing gas or electricity connection (because you’d be a bit stuck otherwise).

New vs. old

When you get your comparison table and find a deal that you like the look of, clicking into it, will show you what’s known as a Tariff Information Label (TIL). The TIL allows you to compare a new tariff vs your current supply. So, for example, supplier A might have a lower unit cost for electricity compared to supplier B, but once things like standing charges and contract end dates have been factored in, the new tariff may be more competitive.

The TIL includes all added charges, discounts and VAT. Prices are based on your current tariff and our current prices.

Why comparethemarket.com?

As you know, at comparethemarket.com, we like life to be simples. We don’t go in for complicated and you can find, compare and switch energy supplier in a matter of minutes – giving you more time to do fun stuff. We don’t have favourites either and you’ll find a range of suppliers and tariffs. Not all energy suppliers are eligible for the Meerkat Movies or Rewards, but we’ll let you know if they are not when you see the options available to you.

So, go on, make your day (and ours) and see what you could save when you compare energy suppliers at comparethemarket.com

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