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21.06.2019

Almost half of Brits switch on to energy savings

Nearly half of energy consumers have switched supplier – more than have changed bank, TV or broadband utility providers, new research has revealed.

The survey, from Energy Switch Guarantee – an organisation set up by industry body Energy UK, revealed that 48 per cent – one in five people – switched energy suppliers in a bid to secure a better deal.

In contrast just 35 per cent changed home insurance, 31 per cent opted for a new broadband supplier while 25 per cent and 14 per cent changed their telephone provider and bank respectively.

For the majority of consumers (79 per cent) price was the main reason for them to switch and over eight in 10 (83 per cent) who made he change in the last four years were happy with the process. However, the report highlights that not all are unhappy with the service they receive. Over a third of those who haven’t switched (39 per cent) are happy with their current supplier’s service or with the price of their tariff (34 per cent).

Of the over 65-year-olds that haven’t switched supplier in the past four years, two in five (41 per cent) said they would only switch if their current supplier’s customer service deteriorated.

The research was conducted by Populus, following Ofgem’s announcement of the energy price cap increase that came into effect in April. When asked about the energy price cap, seven in 10 (70 per cent) energy said that they had heard about it but four in five (78 per cent) said that it had no impact on their switching behaviour.

Last year a record 5.8 million customers changed electricity supplier, securing a better deal.

It pays to shop around

Searching for the best energy deal can understandably be a little daunting, however, making a change is often the best way to save cash.

With the pace of life ever increasing and mounting family, work and social pressures it’s understandable why finding the time to change energy supplier is often easier said than done.

However, with organisations such as Neptis UK in association with Orbit Energy offering peace of mind that your energy management is taken care of with little fuss, the number of people on the search for change has never been greater.

Believe it or not to switch energy suppliers you only need your postcode, a recent energy bill or the ability to answer a few lifestyle and home queries. Just 10 minutes could save hundreds on bills with the click of a mouse.

Here we shine a light on the five simple steps to switching energy supplier online:

1. Do your research

It’s all well and good deciding that you want to change your energy supplier but it’s important to consider just exactly which company and tariff will work best for you. Be sure to check out an accredited energy price comparison website to ensure you get a free, informative and comprehensive view of what’s on offer.

2. Postcode search

Prices for gas and electricity are set regionally, with some suppliers only serving certain areas. Your postcode will establish which plans and offers are available to you.

3. Note your usage

Being aware of your household’s consumption details is vital to ensure you get the most accurate comparison results. This information can be found on your most recent energy bill or you can estimate them by answering lifestyle questions.

4. Making the right choice

The hardest part of switching energy supplier is often actually selecting the plan that’s best suited to you. Make the most of filters to see the plans the site can switch you to, review fixed energy rate plans or review plans without an early exit / cancellation fee.

5. Confirmation of change

Once you’ve found the right plan for your needs the final step is to confirm the switch by providing your bank details and contact details. Your new supplier will inform your old supplier to inform of the change and will contact you following a two-week cooling off period with additional information about your service and switchover date. It’s important to note that the entire process will take 17 days and the switch isn’t immediate.

When changing energy supplier, it’s also important to remember the following:

  • You have a 14-day cooling off period should you decide you no longer want to switch supplier – all you need to do is inform your suppliers.
  • If you switch and aren’t happy with your new plan, remember you can change suppliers every 28 days. However, it’s important to be aware of cancellation charges.
  • You don’t need to worry about being billed twice if you have cancelled your direct debit as the companies will agree a switch over date.
  • Your energy supply won’t be interrupted during any switch – the only change will be the company who sends the bill.

If you are struggling to keep up with your utility bills and need more information about the options available to you in dealing with debts, you can always speak confidentially with one of our friendly advisors on 0808 2234 102.

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