What is Faster Switching?
Faster Switching is the Ofgem regulatory project designed to make the process of switching energy suppliers simpler for customers. Faster Switching aims to cut out complicated processes, meaning businesses can move between energy suppliers easily to secure the best rates and level of service.
What does this mean for your business?
The Ofgem Faster Switching project gives businesses the opportunity to switch energy suppliers with greater confidence and more efficiency. This process will now be faster, easier, and more cost-effective; reducing lead time, chances of error and the complexity of switching.
How does this affect Microbusinesses?
To resolve immense challenges faced by microbusinesses during the Covid-19 era, Ofgem published their final decisions on the outcome of the Microbusiness Strategic Review. You can find out more about what this in Ofgem’s official report.
Faster Switching came into effect for microbusinesses from 1st October 2022, making the switching process smoother and simpler. Additional changes were made by prohibiting termination notices for microbusiness contracts, except for Evergreen contracts.
How long will switching energy suppliers take now?
With the introduction of Faster Switching, the entire process of changing energy suppliers will take just 5 working days, unless you set a future start date with your new provider, in which case your supply will begin on your chosen date.
Faster switching with Yü
As a trusted energy supplier, we at Yü welcome Ofgem’s Faster Switching project, as we believe business energy should always be simple.
In response to the project, we’ve already updated our business terms & conditions along with our internal switching processes, to align them with Ofgem’s Faster Switching program.
We’ve been offering this new process to business customers since the 18th of July, 2022 and to microbusinesses from the 1st of October 2022.
What do you have to do?
Once you’ve agreed to your new contract, the only thing left to do is ensure all your bills are cleared with your previous supplier to eliminate the chances of objection to transfer. After this, Yü will do all the heavy lifting for you; from contacting your previous supplier to processing and finalising the switch.
We’ll keep you updated throughout the process and within 5 days after your successful switch, we’ll send over a welcome pack full of useful information to assist you in getting started with Yü.
Find out more on how to Switch Business Energy Supplier