The switching revolution continues as more than 2.2 million people changed energy supplier by May – an increase of 19% compared to May last year. And it seems big isn’t always better as 40% of those that switched went from large, to small or mid-tier suppliers.
The second biggest wave of movement was amongst the big suppliers, where 30% of customers switched between them. In contrast, only 11% of switches were made from small and mid-tier, to large suppliers.
Since February 2017, the number of customers switching for better deals has been consistently high with figures exceeding well beyond 400,000 each month. March was particularly bountiful for suppliers on the receiving end as more than half a million people moved their custom in that month alone.
The fact that people are switching in their hordes comes as no surprise, as the average available variable tariff in the UK comes to a pretty hefty £1,138** and with lots of other household bills such as car insurance set to rise – savings can only be a good thing.
If you’ve always thought about switching, but not done anything about it, then perhaps these latest figures will prove an inspiration. You might think switching something as major as your energy supplier would be complicated, time consuming and prone to going wrong, but the Energy Switch Guarantee exists to prevent against all of those things.
Changing your gas and electricity supplier should take no more than 21 days and some can take just 17. Not only is it quick but your new energy provider will do all the legwork and inform your old supplier, as well as initiate the switching process. The hardest thing you need to do is make the decision to leave.
If you’re still not convinced, then think about what you could save. Industry regulator, Ofgem, found that customers on average could save around £220*** a year by changing supplier.
Almost all the ‘big six’ suppliers have put their prices up recently and if you’ve been on the receiving end there’s no reason why you should stick around when your contract’s up.
So, there you have it, it’s not just us that think switching’s a great idea – the experts think so too – why not see what you could save and comparethemarket.com for a money saving energy deal right here, right now.
**Based on OFGEM Bills, prices and profits data for an average of dual fuel, direct debit and available paper tariffs from the six large suppliers at May 2018.
***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