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.
February 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 February 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 February 2020. Achievable savings can vary among customers depending on individual household usage.
181 energy tariffs set to end in March
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 181 energy tariffs that end in March 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 February 2020 to Ovo Energy’s Better Energy 18 February 20 tariff made an average saving of £453. The next highest saving was with EDF Energy, their Simply Online 1 Year Fix Feb21v4 saved customers, on average, £430.
The Big Six
February saw switching habits swing in favour of the Big Six suppliers. This maintains the positive performance over the last few months, but the margin has significantly widened when compared to January. 21.05% of customers switched to Big Six suppliers in February, while only 13.53% moved away.
This appears to be largely down to the performances of E.ON, Scottish Power and EDF Energy. E.ON attracted the largest share, with 33.06% of the customers switching to them alone, while Scottish Power and EDF Energy attracted 22.6% and 20.91% respectively. The remaining two in the top five, Shell Energy and Bulb, only managed to attract 10.41% of switchers combined.
EDF Energy, for the second month running, had three of the top five highest saving tariffs, but were surprisingly the Big Six supplier with the greatest number of leavers.
Despite having the highest saving tariff on the market, Ovo Energy failed to break into the top five big switches for the second month running, while E.ON was this month’s big winner, despite only offering the fifth highest saving tariff.
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, comparethemarket.com
“We have seen the Big Six become much more competitive recently, and energy customers across the UK have taken note: last month, more people switched to a Big Six supplier from a smaller energy provider than vice versa. In total, E.ON, Scottish Power and EDF Energy accounted for more than three quarters of all switches. Two tariffs, by Ovo and EDF respectively, offered customers that switched an average saving of more than £400. Following a chilly start to spring, those looking to save money on their energy bills should be mindful that switching supplier is one of the most effective ways to pay hundreds of pounds less than the price cap for their energy.”
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.