Energy switching has hit a six-year high, as more customers shopped around for a better deal.
According to new figures from energy regulator Ofgem, 7.7 million energy switches took place in 2016, potentially saving billpayers more than £200 a year.
The vast majority of switches these days only take three weeks to complete. In contrast, three years ago, a complete switch would take around five weeks.
Yet to switch your energy? You can beat the price rises with Let’s Save on Energy and get access to exclusive deals. Over the last 12 months of collective switches, Let’s Save on Energy members have saved an average of £284* on their energy bills. If you joined our recent Let’s Save on Energy collective switch, you’ve got until 14th March to switch to our exclusive members’ tariffs. If you missed out on our energy club this time around, you can still do a comparison and make sure you’re getting the very best deal on your energy.
The figures come as customers face an influx of price rises from some of the major big six suppliers. The price rises, announced in recent weeks, apply to standard variable tariffs and are generally more expensive than fixed deals. In March, many consumers will see their energy bills rise. Npower’s standard tariff electricity and gas prices will rise by 15% and 4.8% respectively. Scottish Power customers are expected to be hit by a 7.8% price hike, and at least one million EDF customers will be struck with an 8.4% electricity price rise.
Customers could beat these bill rises by swapping providers - with the help of Let’s Save on Energy, members saved an average of £284*. Switching to a fixed deal could protect against unforeseen price hikes and lock in a rate to cover your home through next winter.
Ofgem promotes the importance of switching, especially in a market that is “not as competitive” as the regulator would like. Ofgem’s chief executive, Dermot Nolan, is pleased by the news: “This welcome increase in switching should serve as a warning to supply companies. If they fail to keep prices under control or do not provide a good service, they risk being punished as customers vote with their feet.”
*Average savings per customer switching in last 12 months
Last updated: Wednesday, 1 March 2017
Join 100,000s of SAVVY SAVERS who read our WEEKLY email. Get our round up of ALL the best money saving SECRETS, FREEBIES and BIGGEST SAVERS. Don't miss out!