Energy suppliers offering switching credit in the UK this month

Key takeaways (quick scan)

• Switching credit is rarely “free money”: a higher unit rate or standing charge can outweigh a bonus.
• Check when it’s paid: some credits land after your first Direct Debit, others after 60–120 days, and some only after your first annual review.
• Watch eligibility: many incentives exclude prepayment meters, require Direct Debit, or apply only to dual fuel (gas + electricity).
• Exit fees matter: if your current fixed tariff has exit fees, a bonus might not cover them.
• Compare using annual cost: add up unit rates + standing charges over 12 months, then subtract the incentive (if you’re likely to receive it).

What “switching credit” can look like

Bill credit

A credit added to your energy account (often after your first bill or after a set time).

Gift card / voucher

Sent by email/post once the switch is complete and conditions are met (check timeframes and brand restrictions).

Discounted rate / time-limited offer

Sometimes marketed as a “bonus” but actually baked into the tariff; compare the whole-year cost.

Typical eligibility rules

• New customers only: many bonuses exclude existing customers and sometimes recent customers (e.g. last 12–24 months).
• Payment method: Direct Debit is commonly required; pay-on-receipt-of-bill or cash/cheque may be excluded.
• Meter type: smart meters are usually fine, but prepayment meters often have fewer eligible deals.
• Dual fuel: some incentives apply only if you take gas + electricity together.
• Minimum supply period: you may need to stay on supply for a set time (often 30–120 days) before payout.

When you actually receive it

Timeframes vary by supplier and offer channel. Common patterns include:

• Bill credit after first successful payment (e.g. first Direct Debit taken).
• Voucher sent after a qualifying period once the switch completes.
• Staged credit (e.g. part now, part after a few months).

Scenario A: bonus looks good, but higher standing charge cancels it out

Assumptions (illustrative): Dual fuel, Direct Debit, typical usage. Comparing over 12 months.

• Tariff 1 (no bonus): estimated annual cost £1,820
• Tariff 2 (+£100 bill credit): estimated annual cost £1,915

Even after subtracting £100 credit, Tariff 2 is ~£- - - not a saving: £1,915 - £100 = £1,815. It’s only ~£5 cheaper, and if the credit is delayed or you don’t qualify, it becomes more expensive.

Scenario B: bonus helps, but exit fees wipe it out

Assumptions (illustrative): You’re 4 months into a 12-month fix with exit fees.

• Current tariff exit fees: £50 electricity + £50 gas = £100
• New tariff: £120 switching credit, but estimated annual cost is only £30 cheaper than staying put

Your net benefit could be: £120 credit + £30 tariff saving - £100 exit fees = ~£50 (estimated). If the credit is only paid after 90 days and you move home before then, you might get £0 of the credit.

Decision checklist: who switching credit suits

• You’re out of contract (or exit fees are £0).
• You can pay by Direct Debit and keep it active.
• You’re likely to stay at the property long enough to meet payout timing.
• You’re choosing a tariff that’s already competitive before the bonus.

Who it may not suit

• You’re on a prepayment meter and offers are limited.
• You’re moving home soon or unsure you’ll remain on supply for 2–4 months.
• You prefer to pay on receipt of bill (some incentives exclude this).
• You’re tempted to ignore higher standing charges because the bonus is headline-grabbing.

1) Credit only applies via specific channels

Some bonuses are only paid if you switch through a particular comparison route. If you switch directly with the supplier, the incentive may not apply.

2) Payment method exclusions

Direct Debit setup and staying in place is a common requirement. Failed payments can delay or cancel eligibility.

3) Meter type limitations

Prepayment and some complex meter setups can reduce the number of tariffs available, including those with incentives.

4) Moving home before payout

If payout is after 90 days and you move or close the account earlier, you may not receive the voucher/credit.

Bonus vs higher tariff price: how to check quickly

If you have two estimated annual costs, you can do this simple check:

Net cost = (estimated annual cost) - (switching credit you’re likely to receive)

Then compare net cost across tariffs. If it’s still higher, the bonus probably isn’t worth chasing.

If you’re in debt or on a repayment plan

If you owe money to your current supplier, switching can be more complicated (and sometimes restricted, especially for prepayment). In that case, focus on stability and support first, then look for deals once the position is clearer.

1) Is switching credit guaranteed?

No. It’s usually conditional on meeting eligibility rules (often Direct Debit, staying on supply for a period, and being a new customer). Always read the offer terms shown at sign-up.

2) Do I get the credit if I switch electricity only?

Sometimes, but many incentives are bigger (or only available) for dual fuel. If you don’t have gas at the property, you’ll need an electricity-only tariff and the bonus options may differ.

3) Can I get switching credit on a prepayment meter?

Often it’s harder. Some suppliers restrict prepayment tariffs or don’t include incentives for them. If you have a smart prepayment meter, you may see more options than traditional key/card meters.

4) How long does it take to switch suppliers in the UK?

Timing varies, but switching is generally designed to be straightforward and you won’t lose supply. You’ll also typically have a 14-day cooling-off period for contracts agreed at a distance.

5) Will switching affect my smart meter?

Usually your meter stays in place. Smart features can vary depending on the supplier and meter setup. If you rely on in-home display or half-hourly features, check compatibility before switching.

6) Do I need to give meter readings when I switch?

You may be asked for readings (or they may be collected automatically if you have a smart meter). Accurate readings help ensure your final bill is correct.

7) What if I switch and the credit doesn’t arrive?

First, check the original offer terms (payout window and eligibility). Then contact the supplier. If you can’t resolve it, you can escalate through the supplier’s complaints process and then to the Energy Ombudsman if needed.

8) Is switching credit taxable in the UK?

For most household consumers, bill credits and vouchers used as consumer incentives aren’t typically treated like taxable income. If you’re unsure (or it’s linked to a business account), get independent advice.

Page details

Written by

EnergyPlus Editorial Team

Reviewed by

Energy Specialist

Last updated

February 2026

How we assess “switching credit” offers

Our editorial approach is designed to help UK households avoid common traps when comparing incentives:

• We prioritise total cost: the estimated annual cost (unit rates + standing charges) is the main comparator, not the bonus headline.
• We consider eligibility friction: Direct Debit requirements, minimum supply period, dual fuel, meter type, and “new customer only” criteria.
• We look for clarity: transparent payout timing and conditions are a positive signal; vague or channel-restricted terms are flagged.
• We include UK constraints: regional price variation, exit fees, and standard switching rights (including cooling-off periods).