Powering the switch to green energy
18 Oct 2021
We’re very sorry to say that one of our panel suppliers, GOTO Energy, has today announced they are ceasing to trade. GOTO hadn’t been switchable through us for some time, but this article sets out what you need to know if you’re affected.
We’ve written extensively about the challenges currently facing suppliers, and our hearts go out to everyone at GOTO Energy.
In the meantime, if you’re a customer of GOTO, here’s what you need to know…
Above all else, don’t panic.
Ofgem, the UK energy regulator, has a process in place to ensure that your energy supply will continue and that any credit balances with GOTO will be protected.
If you were on GOTO Energy’s standard variable tariff, then the new supplier’s standard variable tariff will be held at the same level, and so you won’t see any chance to the price you pay for a unit of energy.
If you were on a fixed price tariff with GOTO Energy, then the chances are your bills will go up, as the new supplier’s ‘standard variable’ rate is likely to be more expensive than your old fixed rate tariff, even though it is the cheapest tariff currently available given current energy prices. You can find out more about this here.
We don’t yet know – it depends which supplier takes over your supply. If the new supplier doesn’t provide green energy, then unless you can afford to pay a lot more, our advice is to wait until spring, when switching is likely to make more sense financially, and more green options should be available.