Over 40% NEVER Change Energy Suppliers

Isabel Hamilton
23rd January 2018, 8:00 AM
  • 44% said they never look at swapping suppliers
  • Switching can save you hundreds a year
  • Main reason is that people believe energy suppliers are all the same
If expensive bills are getting you stressed, look at switching energy suppliers. Image: Getty

44% of people never look at changing energy suppliers, missing out on hundreds of pounds worth of savings, according to a survey by Latest Deals.

Despite the possibility of a huge savings, people said they didn’t see the point in switching as they don’t think they’d get a better deal anywhere else.

Another 42% said they only look for a cheaper deal every two years.

A survey of members of the Latest Deals Community showed many don't look for better energy deals.

However, last year a record number of people switched suppliers, and saved an average of £250.

Only 16% said they read reviews about their new energy supplier or tariff when looking to change, according to a YouGov survey.

The survey was published as part of Big Energy Saving Week

The Week is run by Energy Saving Trust, Citizens Advice, and the Department for Business, Energy, and Industrial Strategy, aims to help households lower their spending on energy.

Philip Sellwood, the trust’s chief executive, said, “The difference between the average standard variable tariff and the cheapest deal on the market is significant, but millions of households still aren’t accessing these savings.

Switching this year could save you up to £300, equivalent to more than a month’s worth of food shopping.”

One new way that could help you get a better deal is with Open Banking, which will let you share financial information so companies can compete to give you the best deal.

Citizens Advice is hosting local events across the country to help people compare prices, but you can also use its online price comparison feature.

Gillian Guy, chief executive of Citizens Advice, said, “Checking your energy tariff and switching to a cheaper deal is one of the quickest and easiest ways to cut your bills.

“We know people who stay with the same energy supplier often pay hundreds of pounds more a year for the same gas and electricity.

“It is too often the most vulnerable and those with the lowest incomes who pay the highest prices for their energy.”

Has switching saved you money? Let us know in the comments

Comments
FrankClark
FrankClark1 year ago

It's definitely worth switching! 💶 💸

I've switched twice in the last year, so my most recent quote (with Bulb) wasn't much different per month as I was already making quite a saving.

The big difference with my most recent switch is Bulb give you £50 credit for changing to them, plus £50 for every person you refer to them. They'll also refund any exit fees your current provider charge you. It has helped my offset my bills a huge amount!

If anyone wants to give them a try my referral link for a quote is https://bulb.co.uk/refer/frank7266 - Using this link will get you £50 instant credit on your first bill (disclaimer I get £50 credit too). Then you can earn unlimited referral credits with your own referral code.

Oh, and Bulb are 100% renewable electricity too 🌍 ♻️

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