Supplier switches have surged to a six-year high, due to desperate homeowners shopping around for cheaper gas and electricity deals.
According to the regular, Ofgem, consumer switching reaches record high of 7.7 million energy provider swaps in the last year alone, with switching sites enabling consumers to take back control of their costings.
Recently, Britain’s energy market has come under increasing, political scrutiny, with claims that all homes are affected with even greater emphasis on poorer households.
For Ofgem’s Chief Executive, Dermot Nolan, this unprecedented rise in switching is a sign of things to come:
‘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 consumers vote with their feet.’
Property Owners Feeling the Pinch
For in the midst of a merciless market, continuous customer loyalty can only stretch so far.
Earlier this month, Ofgem set a temporary pre-payment price cap to protect more than four million vulnerable households following a two-year investigation of the energy market by the Competition and Markets Authority.
However, household finances are still feeling the prohibitive pinch, with stagnant wages and rising inflation adding further insult to injury.
Although Scottish Power attempted to justify their price hikes with a statistical breakdown of the increase, one can’t help but question why more isn’t being done to combat costs for the average consumer.
We all want to feel like we’re getting a fair deal. Whether it be gaining extra points to put towards our food shop, or bagging ourselves a bargain in the sales, paying less money for household essentials isn’t so much a pleasing perk as a financial fundamental.
Save Money by Shopping Around
Recent reports from Ofgem have revealed that switched-on consumers can save up to £230 by shopping around.
Typically, standard, variable tariffs are pricier than fixed deals, although the drawback with the latter is that homeowners may need to lock into long-term deals in order to qualify for these discounted rates.
In these instances, switching can result in a potential penalty.
Yet with energy price hikes pretty much par for the course, a fixed price plan can provide some refreshing resistance against this.
Despite rising rates in supplier switches, around two thirds of customers still remain on standard, variable tariffs; tariffs which are subject to maddening, market whims.
Switching is Simpler Than You Think
So why are some homeowners still hesitant about making the switch?
One explanation is that we prefer to stick with what we know, with rising energy market uncertainty leaving us clutching at familiar straws.
Even those who have switched could be losing out if they don’t verify tariff rates regularly, as smaller, independent suppliers start to set themselves up against the big energy giants, providing consumers with alternative options.
Another possible explanation is that we believe that switching suppliers is likely to be more hassle than it’s worth.
But what if there was a company that does all the hard work so you don’t have to?
At MyEnergy, we prefer to keep things simple. That’s why we’ve created an easy-to-use system that enables you to find the tariff that best suits your needs.
Just enter your postcode and we’ll provide you with the best fit supplier in a matter of minutes. As consumer switching reaches record high, finding the best deal may be difficult.
MyEnergy is designed to help you make an informed decision.
Don’t let temperamental tariffs get the better of you. Make the switch today. Use MyEnergy now.