A new service that automatically switches you to a cheaper energy deal has been launched in the UK.
Weflip, an online service from Gocompare, constantly searches to find you a cheaper deal on your energy bills and once it identifies one, will automatically switch you to that tariff.
How Exactly Does WeFlip Work?
After providing your details (address and how much energy you consume), Weflip’s auto-switching technology tracks and identifies potential savings using your energy usage, meter type and current tariff.
Weflip promise that their service will deliver you with ‘cheap energy bills forever’ and here’s how they do it:
- Weflip constantly searches energy tariffs from 67 suppliers
- Once they find a deal that could save you £50 a year, you’ll be switched to it
- They’ll continue to monitor tariffs until finding a cheaper one
- If it finds one, you’ll be notified by email
- You’re then given 14 days to let Weflip know if you don’t want to switch
And this will continue to happen unless you choose to leave the service. You don’t even have to pay a thing, it’s completely free.
Won’t I Have to Cancel with My Old Supplier?
Weflip will put you onto the cheaper tariff automatically, saving you any contact with your old energy supplier as your new one will talk to them for you.
What Doesn’t Weflip do?
There are some potential downsides to Weflip that you might want to consider before signing up:
- It doesn’t search through all available deals
- Only compares fixed tariffs
- No preferences other than ‘cheapest tariff’ available (you might want to be with a supplier that’s credited for good customer service)
- Any savings are based on projected costs.
What Have Gocompare Said About Weflip?
Matthew Crummack, Gocompare Group Chief Executive said: “This hugely powerful tool will track energy deals daily, but we anticipate customers will be switched once or twice a year, when a significant saving can be made.
“With Weflip we are creating something that will appeal to the occasional switcher who ultimately ends up back on an standard variable tariff, and to those who have never switched. A significant barrier to switching is the hassle – perceived and real – that people associate with the process, along with their disinterest in the energy market more generally.
“Weflip aims to remove that hassle by allowing households to simply outsource this burdensome chore, saving everyone precious time and money year after year.”
How Much Could I be Saving?
According to Ofgem’s State of the Energy Market report for 2018, over half of the 28 million homes in the UK are on poor value energy tariffs. Homeowners could be saving as much as £350 a year on their energy bills when comparing the average Big Six Standard Variable Tariff with the cheapest market equivalent