Energy switching snapshots
Energy switching snapshots
Our monthly Energy Snapshot is designed to give you the low-down on great energy deals that we’ve found for our customers, as well as showing the average savings you could potentially make if you were to switch today.
June 2020 Energy Snapshot
There’s so much in the press these days about the cost of gas and electricity that it’s easy to feel bewildered when it comes to choosing an energy deal that’s right for you. We want to help you with some straightforward, easy-to-understand information, so here’s our Energy Snapshot for June 2020.
It includes facts about how much our customers saved when they switched, who they switched from and who they switched to, as well as the most popular tariffs that we offered last month at Compare the Market.
This isn’t a matter of opinion like much of what you read, this is the low-down based on the actual experiences of our customers.Download infographic
Average savings based on usage information entered by Compare the Market customers during June 2020. Achievable savings can vary among customers depending on individual household usage.
127 Energy tariffs set to end in July
The cheapest energy tariffs tend to be fixed-term, fixed-rate deals. Customers with these deals need to be aware of their tariff’s end-date, so that they can look for another great deal to take its place and avoid being rolled on to the often more expensive standard or default tariff.
Our snapshot lists the 127 energy tariffs that end in July 2020, so, if yours is on the list, now’s the time to look for a new deal that could save you money.
While we know that some of you can be put off switching energy providers, many of you have already discovered that it can be worth it and have benefited from some amazing energy deals.
So what kind of savings can be made with these switches? Some of the figures might surprise you. Customers who switched with us in June 2020 to EDF Energy’s Simply Online 1 Year Fix Jul21 tariff made an average saving of £480. This is a significant saving, almost £100 more than the next cheapest, Igloo Energy’s Pioneer tariff, which saved customers, on average, £387.
The Big Six
For the first time in 2020, June saw more people leave Big Six suppliers than join. This reverses a trend that’s been noticeable throughout the year. However, the gap had been shortening, and June sees the smaller suppliers make a greater impact.
Despite this, E.ON remain significant leaders in the energy market. Their switch share of 31.30% is much higher than nearest competitor British Gas, who lag behind with a 22.39% share. Even further back in third place, Together Energy managed a 10.41% share, although this is surely welcome news to a provider outside the Big Six.
E.ON’s continued strong performance can largely be attributed to their Fix 1 Year Exclusive June 2020 tariff, which alone saw a huge 22.34% share of switches through Compare the Market, making it the most popular tariff in June by far. E.ON’s consistent performance may be considered surprising, given that they rarely feature in the top five highest-saving , but their commitment to supplying renewable energy may be what’s winning switchers over.
This is supported further by the continued strong performance from green energy provider Together Energy. While they managed to secure almost 9% of switch share back in May, they went even further in June, securing more than 10% of switchers. Their Green Together Fixed May21 tariff was the second most popular with switches through Compare the Market in June, highlighting how switchers are becoming increasingly environmentally conscious.
While, for many months, EDF Energy regularly featured three or four of the top five highest-saving tariffs, June saw some smaller suppliers force their way into contention. While EDF Energy remained on top by some margin with their Simply Online 1 Year Fix Jul21 tariff, the likes of Igloo Energy, Together Energy and Tonik all had strong offerings, breaking into the top five highest-saving tariffs found through Compare the Market in June.
Great deals can be found right across the energy market, so it’s always a good idea to compare all types of supplier to find one that meets your needs.
Head of Energy,
Compare the Market
“For the first time this year we have seen more customers switch away from the Big Six than to them. This has been driven by ultra-competitive deals on the market from smaller challenger providers. Three of the five highest savings tariffs available on our platform were from challenger suppliers, with an average saving amongst these deals standing at almost £375.
“With 127 energy tariffs coming to an end in July, hundreds of thousands of households run the risk of being rolled onto a standard variable tariff – which will likely be significantly more expensive. The best way to mitigate any increase in the cost is by switching provider or shopping around for a better deal. There are a range of competitive tariffs available at the moment – including tariffs that use renewable energy – making now a great time to review your current deal.”
So how can you find these amazing deals? We’ve made it simple. You can compare energy tariffs here to find a great deal.
So, what are you waiting for? If you’ve been with your energy company for more than a year, you can almost certainly save money. Why not compare today and see if you could be part of the savings we report in next month’s snapshot.