Energy switching hits 3 million - Gas and electricity - News | moneyfacts.co.uk

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Energy switching hits 3 million

Energy switching hits 3 million

Category: Gas and electricity

Updated: 11/08/2017
First Published: 11/08/2017

Energy prices have been on the rise recently, with electricity prices in particular ramping up – several providers have been hiking prices, most recently British Gas, who announced that electricity prices are to rise by 12.5% next month. It's therefore little wonder that a growing number of householders are voting with their feet, with figures from Energy UK showing that over three million energy customers have switched electricity supplier so far this year.

This marks an increase of 14% compared with the same point last year, suggesting that more and more people are unhappy with the level of service, and prices, provided by their current supplier. Indeed, 385,000 customers switched provider in July alone, an increase of 16% compared with July 2016 – and the big players appear to be some of the biggest losers.

The figures went on to reveal that one in five customers are choosing to sign up with small and medium-sized suppliers, suggesting that the market share of the main operators is beginning to diminish, as people realise the value of staying small.

"To see over three million customers switch this year and save themselves money is fantastic," said Lawrence Slade, chief executive of Energy UK. "There are now over 50 suppliers to choose from, which is driving innovation, improvements to customer service, and providing an incentive to keep prices competitive as suppliers fight to keep and attract customers."

So why not follow the 3 million other energy customers and make the leap to a better deal? It's incredibly simple to do: start the process by comparing energy suppliers using our quote tool to see if you can find a cheaper option, or at the very least, make sure you're not on a standard variable rate tariff. Fixed rate deals are invariably cheaper, so always make sure to check.

Don't always stick with the big names, either. Often, these suppliers will be more expensive than their lesser-known counterparts, and they're not exactly known for having stellar customer service, either, so it could be time to think outside the box.

Once you've found a new tariff, contact the new energy supplier, and they'll take it from there. That's it! The whole thing is designed to be quick and simple, particularly with the help of the Energy Switch Guarantee – it now covers 74% of the market, and guarantees a reliable and hassle-free switch within 21 days. So don't put up with rising electricity prices – compare the best energy deals and switch instead.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Close