What are the latest market developments?
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.
Compare the Market research has shown that more than 413,000 households could be automatically switched to expensive ‘default’ tariffs between July, August and September 2019 if they don’t switch tariffs or provider when their current energy deal comes to an end.
In this three-month period, 227 fixed energy tariffs are set to end. Rolling on to these default tariffs could collectively cost UK households almost £109 million a year, or an average increase of £262 per household.
Our snapshot lists the 66 energy tariffs that end in August 2019, 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 July 2019 to our Orbit Energy Beat The Cap - Jul19 made an average saving of nearly £330. The next highest saving was with Simplicity Energy, as customers who switched to their Cauliflower19 tariff saved an average of £318.
The Big Six
Over the past year, we’ve seen people leaving the Big Six in large numbers. That trend has continued with nearly 22% of you moving over to a Big Six supplier during July - a decrease of 8% on last month's figure.
It’s worth noting that our highest saving tariff in July came from a so-called ‘smaller’ supplier. A big worry for customers is whether these smaller suppliers are as reliable as the Big Six, or whether there are adequate protections in place if a provider goes bust. However, you can rest assured, as Ofgem has introduced safety measures and guarantees to protect customers in these circumstances, so you’ll never lose your supply.
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.