Are energy price comparison figures accurate? Why you can rely on Onedox

JulieanneEnergy Efficiency, Money Saving

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 Check for available savings

What exactly are “available savings”? 

When using a price comparison site to see if you can save money on your energy bills, the way in which the calculation works can be very unclear. 

If the results suggest you have available savings of say, £200 by switching to a new deal, that does not necessarily mean your bills will fall. In actual fact, it could even mean that your bills will immediately go up if you switch, despite the alleged £200 saving!

How is this possible? 

This is because the Ofgem-approved, standard method for calculating energy savings is not what you might assume. You might reasonably think the available saving is based on comparing how much your bills will be versus the last 12 months. 

In reality, it’s typically based on how much your bills are predicted to be in the next 12 months if you switch now, versus how much they are predicted to be if you don’t switch at all in the next 12 months

Here at Onedox, we think it would be much clearer and more straight forward if savings were represented as a comparison with what you are paying today.

So we’ve made some changes. 

Onedox is now even smarter…

We’ve made a series of improvements to our price comparison algorithms, going beyond what is required by Ofgem of price comparison sites, in order to only ever recommend deals within Onedox that will immediately reduce your bills.  

This means that your costs for next year’s energy will be lower than what you paid in the past 12 months. That’s actually saving!

Ok, so what can I expect if I switch? 

If you’re on a Fixed Monthly Direct Debit payment method, you’ll see a decrease in the amount you pay each month. 

If you’re on a Variable Monthly Direct Debit payment method or if you pay by Cash or Cheque, then due to seasonal variation, your monthly bills may go up (for instance October might be more expensive than September because it’s cold and you’re using more gas for heating) but when averaged across the 12 months, the total amount will be lower than last year. 

Note that this only applies to the suggested tariffs that Onedox recommends to you via email or within the Onedox app. We can’t control what other price comparison sites are telling you! 

So if you’re using an energy price comparison site, we’d recommend you double-check: does a ‘saving’ actually mean my bills will go down? With Onedox, a saving truly means a reduction in your monthly costs. 

Now you can feel even more assured that those savings you see today in your Onedox dashboard are real money you’ll see going back into your real pocket.

Check out these real life results:Immediate savings

 

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