A record 24,000 energy customers a day now switch supplier to save money – are you one of them?
666,000 customers changed their electricity supplier in February, the biggest number ever, latest numbers released by Energy UK show.
That’s a 60% increase on the same month in 2017.
The figure means that this year alone more than a million customers – around the population of Birmingham – have saved money on their energy bills by switching.
The record number comes despite February being the shortest month of the year, and means that almost 24,000 customers a day switched during the month.
Confidence in switching is also high with nine in 10 customers saying they were happy with the process, according to the Energy Switch Guarantee (ESG), a voluntary industry initiative to provide additional consumer confidence in switching.
The Guarantee, which now covers over 90% of the retail market, is designed to make sure switching is simple, speedy and safe.
The growing choice in the market is demonstrated by many more customers turning their back on the Big Six energy suppliers and choosing instead small and mid-tier suppliers.
These smaller suppliers accounted for over 130,000 – or 20% – of the total switches in February.
The figures follow on from a record 2017 when more than 5.5 million – or 1 in 6 – electricity customers switched provider.
Savings of £300
And, of course, it’s not just electricity – huge savings can be made by moving off rip off standard variable tariffs for gas as well.
The energy regulator Ofgem calculates the average customer can save £300 a year by switching to cheaper fixed-rate energy deals.
Even so, around 70% of customers are still paying through the nose on these variable-rate prices.
Lawrence Slade, chief executive of Energy UK said:
“The energy market has never been so competitive and it’s great to see record numbers of consumers engaging in the market to get a better deal.
“Customers can make big savings by joining the millions who’ve found a better deal - through either checking with your existing supplier or choosing from over 60 suppliers on the market.
“And with the Energy Switch Guarantee in place, consumers can be sure that the process will be simple, speedy and safe.”
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