Friday 14 June 2019

Almost half of energy consumers have switched suppliers in four years

Nearly half (48%) of energy customers have switched suppliers in the last four years, according to new research.

Energy Switch Guarantee (ESG) reveals the figure is significantly higher than those who said they have switched home insurance (35%), broadband (31%), telephone providers (24%) and banks (14%).

Lower price was the main reason for the majority (79%) of consumers who switched suppliers and around 86% of the 2,816 people questioned said they were happy with the switching process.

Out of the over 65-year olds who haven’t switched suppliers in the last four years, two in five (41%) said they would only switch if their current supplier’s customer service deteriorates.

The survey, conducted by Populus following Ofgem’s announcement of the energy price cap increase, also reveals 70% of energy customers said they have heard about it and 78% said it wouldn’t affect their switching behaviour.

Pamela Taylor, Independent Chair of the Energy Switch Guarantee said: “It is encouraging that 83% of consumers say that they’re happy with the switching process especially when record numbers of customers continue to switch every month. However, the research shows that the Energy Switch Guarantee still has more work to do to ensure that all consumers experience high levels of satisfaction when it comes to switching and that awareness of the Guarantee increases.

“Wholesale prices have fallen significantly in the last few months – which means there are now many good deals and potential savings on offer. My advice to consumers is not to rely on the price cap for a fair deal when they can switch supplier for a better one and potentially save hundreds of pounds.”