What’s the point of it?
This government-backed guarantee will offer clarity and continuity for customers and could in turn increase switching levels and encourage competition in the market. Millions of households may be put off switching because of concerns around the transition, so hopefully the Energy Switch Guarantee will help give customers the confidence to consider switching and possibly saving money.
It’s worth noting that the Energy Switch Guarantee is still being rolled out, not all suppliers agreed to the terms. Currently, all of the big six have promised to adhere to the Guarantee (British Gas, EON, EDF Energy, npower, Scottish Power and SSE). But it’s not just the largest companies that have made the promise – some of the newer, smaller providers have done so too such as Octopus Energy and SO Energy.