Choosing a tariff that matches your and your tenants’ needs and budget is crucial, regardless of whether you are a landlord with commercial or residential properties.
Deciding whether you want to save money by switching energy suppliers by choosing a dual fuel contract or two separate gas and electric packages is essential.
For rental properties, dual fuel tariffs are more convenient since tenants could prefer using either gas, electricity, or both under one contract. What are dual fuel tariffs exactly, and can your tenants opt for dual fuel rates? Let’s take a closer look
What Is The Dual Fuel Energy Tariff?
Dual fuel tariffs are when you receive gas and electricity from the same supplier. By combining gas and electricity bills, dual fuel tariffs simplify billing and make managing finances easier for households, rental properties and businesses. Dual fuel tariffs do not apply when you use only electricity, oil, solid fuel, or bottled gas.
Despite its convenience, dual fuel tariffs may be more expensive if you own a rental property and are unfamiliar with the energy market. Finding the right energy tariff requires comparing all the available options. Read more on how using an energy broker can help you find a supplier with the best rates if you are a property owner looking to reduce administration and save money.
What Are The Advantages Of Switching To A Dual Fuel Tariff?
It is possible to save on energy costs when you choose a dual fuel deal. Some energy suppliers will offer a discount when you sign up for a dual fuel tariff. Most often, this discount will be applied to your energy bill monthly or annually.
There are several ways to get a discount:
- The cost of a kWh unit is lower
- Standing charges that are lower
- Your bill will be reduced by a certain percentage
- Getting cash back
For your convenience, having a dual-fuel contract is easier. A combined bill may be available from some energy suppliers if you prefer a simplified billing system. One point of contact is all that’s needed. Your energy supplier will be the only point of contact should you have complaints, queries or need help.
There is no real difference between energy suppliers regarding the pipes and lines that deliver their gas and electricity. Your energy delivery will remain unchanged, so you will not notice any changes. Only your energy bill will be lower.
Can I Switch Service Providers If I’m Renting?
A tenant is legally entitled to heating and hot water in the home they rent. According to Ofgem’s published guidance for tenants, if you pay an energy supplier directly, you have the right to change suppliers, even if your rental agreement says you must stay with that company. However, in most cases, getting permission from your landlord or property manager would be best.
Consult Your Landlord Or Property Manager
If you wish to switch energy suppliers, you need your landlord’s or property manager’s permission. They may need to sign off on the switch, or they might have specific requirements for energy providers.
Take A Look At Your Tenancy Agreement
Depending on your tenancy agreement, you may be restricted from switching energy suppliers, or you may need to give notice before making the switch. If you plan to switch providers, ensure you know any relevant provisions.
Any Oustanding Debts Should Be Paid
Before switching energy suppliers, you may have to clear any outstanding debts with your current supplier. Debts that remain unpaid should be addressed before switching to avoid delays or complications.
How Easy Is It To Switch To A Dual Fuel Energy Tariff?
It is easy and cost-effective to switch to a dual fuel tariff. Find out how much you can save by comparing dual fuel prices between energy suppliers in your area. Compare energy prices from multiple suppliers for dual-fuel tariffs and standalone gas and electricity.
Energy brokers can handle all the hard work for you, and you will only need to provide a recent energy bill and a few other details. Then, they will help you switch and save by shopping the market on your behalf.
Factors To Consider Before Switching
Whether you are a landlord with one or several rental properties or a tenant, there are a few factors to consider before switching to a dual fuel tariff.
Exit fees: If you’re considering a dual fuel tariff, check out the exit fees before signing up. In the event of early cancellation, exit or cancellation fees apply if you switch before your energy contract expires.
Smart meter required: Depending on your energy tariff, you may need a smart meter, including dual fuel tariffs. You will need to get one fitted, which your new energy supplier will provide.
Dual fuel tariffs can help you reduce energy costs if you own a rental property or rent. Make sure you research and understand the potential factors affecting your decision to make an informed decision. Consider suppliers’ terms, services, and terms before selecting one, and check to see if they can meet your and your tenants’ needs.
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