We’ve all heard about how loads of people switch energy supplier and how they save loads of money – but it’s all a bit…hypothetical isn’t it? Until you actually do it yourself, it just feels like a bit of a myth that you could actually save that much money - on average consumers could save around £220**. So, what can we say that would tempt you to make the switch and save today?
How about the fact, that January 2017 was yet another record month for energy switches? More than 345,000 people made the change, which is up by 80,000 from January 2016. And around a third of those moves were to small or mid-tier energy providers – proving once again that big isn’t always best.
January’s highs follow the 2016 trend of record switches – when a total of 4.8 million of them took place. The number of households changing supplier has steadily increased over the last two years as customers have become more confident about the ease of the whole switching process.
If fear of the lights going out is your biggest concern about moving from one provider to another – then you can stop worrying right now. Because the Energy Switch Guarantee’s in place to ensure that it doesn’t happen. It’s a promise that when you change supplier, the transition will be seamless and the only difference you’ll notice is when the bill comes through the letterbox.
More often than not, we stick with the same supplier because it’s a case of ‘better the devil you know’. And if that sounds like you, then you’re not alone, because it’s estimated that about 4.7 million households in the UK have been with the same energy provider for ten years.
But in light of recent announcements about energy price hikes, can you really still afford to ‘stick with the devil you know’? Three of the ‘Big Six’ energy firms have already said bills are going to rise from March 2017. Scottish Power customers can expect increases of 10.8% and 4.7% on electricity and gas respectively; Npower will be raising electricity prices by 15% on their standard variable tariff as well as increasing gas costs by 4.8%. Not to be outdone, EDF Energy have also made a statement about electricity prices rising by 4.8% (although they did also cut their gas charges by 5.2% in January 2017). Only British Gas have said that prices will remain as they are until August – but then their customers are paying some of the highest standard variable tariffs on the market already, so it’s not much to cheer about.
So, although switching supplier can feel like a scary thing to do, the evidence for making the change, is compelling; plus, there’s nothing to lose and potentially hundreds of pounds to gain. And if you’re the sort who likes to mull things over and explore all the options (very wise of you too), then maybe our Guide to energy switching will help. We’ll also explain the whole switching process to put your mind at rest about what actually happens rather than it seeming like a whole load of magic and jiggery-pokery. Come on – join the switching revolution and comparethemarket.com today.
**50% of people could achieve a saving of £220.00 on their dual fuel energy costs based on Compare the Market data in May 2018