At comparethemarket.com, we’re firm believers in the saying ‘a change is as good as a rest’ and switching your energy supplier could give your wallet that much-needed rest. And it seems like you agree, as 4.8 million energy switches took place in 2016. It’s a huge number and is the highest figure recorded since switching data started being published back in 2013.
But the rise of savvy customers changing supplier hasn’t happened overnight, numbers have been steadily increasing over the last two years as consumers take back control of who provides their energy. Not only that, information is now more readily available and initiatives like the Energy Switch Guarantee make switching supplier as painless and hassle free as possible.
Back in June 2015, Energy UK (the energy trade association) reported that 360,000 customers changed energy supplier which was up a massive 58% on the same period in 2014. By September 2016, that figure had increased again with 400,000 of you switching provider. As last year drew to a close, even more consumers decided to boost their budgets by cutting back on energy costs and December alone saw 449,921 switches. Total figures for last year mean that 2016 is officially a record year for consumer switching.
Research has also shown that those who’ve made the change are happy with the result with nine in ten customers satisfied with the overall switching process. If you’re still not convinced, then perhaps the introduction of an energy supplier league table might help sway you.
Industry regulator, Ofgem, now publish a league table comparing the most and least expensive energy supplier based on the average bill paid by someone on a standard variable tariff . By providing a league table, it’s hoped that even more customers will feel empowered to change for the good of their bank balance.
Long term government plans also want to see more specified data based on a customer’s unique needs. Consumers would be able to access accurate information about their energy use and be able to input this into an easy to use app or website which would then search for deals according to their precise details.
So, why not take inspiration from the almost five million people who have switched supplier, and pull the plug on pricey energy providers. And if you’re more inspired by what you could save, you might be interested to know that you could save around £221** on your annual bill - surely that’s worth comparing the market for?