Cheer for energy consumers as shoppers start switching

New research from the Energy Switch Guarantee reveals that nearly half (48%) have said they switched energy supplier in the last four years - significantly higher than those who said they had switched home insurance (35%), broadband (31%), telephone provider (24%) and bank (14%).

The new survey also found:

  • Over a third of those who haven’t switched energy supplier say they are happy with their current supplier’s service (39%) or with the price of their tariff (34%);
  • Of the over 65-year olds that haven’t switched supplier in the past four years, two in five (41%) said they would only switch if current supplier’s customer service deteriorates;
  • For the majority of consumers (79%) price was the main reason for them to switch;
  • Over eight in 10 (83%) consumers who have switched energy supplier in the last four years are happy with the process.

The Energy Switch Guarantee is a voluntary industry initiative set up by Energy UK in 2016 to ensure switching is hassle-free and quick for customers. Around a third (32%) of consumers are aware of the Guarantee and of those who have heard of the Guarantee, seven in 10 (70%) say that it would make them more confident about switching supplier.

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%) energy customers said that they have heard about it but four in five (78%) said that it wouldn’t affect their switching behaviour.

Last year a record 5.8 million - or one in five – customers switched electricity supplier and, as Ofgem’s figures reveal, many more have moved to a better deal with their current supplier.

Stephen Kerr said :-

I am really encouraged that people seem to be getting the habit to check and switch their energy supplier on a regular basis. Wholesale prices have fallen a lot in the past few months and there are good deals to be had. There more work to be done to ensure everyone can switch and save money but with the guarantee in place you can be much more confident that changing supplier will be a simple process.