Energy customers in the UK have continued to take advantage of the competitive energy market this year with more than 2.8 million switching suppliers in the first seven months. This shows that customers are continuing to hunt for the best deal as suppliers have lowered their prices.
Research from Ofgem shows that all customers who have not switched supplier can save money by doing so. Average yearly savings range from £60 for direct debit, £86 for standard credit, but it is prepayment customers who can save the most - around £100. In some regions this can be as great as £170 per year.
But there is more to gain from switching than just better prices. Suppliers are competing not only on price but also on innovation and quality of service. Research has shown that customers will switch because of poor service and companies know that if their service is poor they will lose customers.
Ofgem Chief Executive Alistair Buchanan said: “With 2.8 million households switching in the first half of the year the heat is still on suppliers to offer customers the best deal for their energy. With winter drawing in and all suppliers having lowered their prices, now is a good time for all customers to check whether they are getting a good deal for their energy.
“This is particularly true for prepayment meter customers, who can reap savings on average of £100 if they have never switched supplier. We also want to highlight the benefits of changing how you pay for your energy and the special tariffs many suppliers offer to those struggling to pay their energy bills.”
Customers can also save money on their energy bills by changing payment method, for example moving from prepayment meter to direct debit or standard credit. Any customer struggling to pay for their energy should also contact their supplier to see what help is available. Many suppliers offer special tariffs or other help for vulnerable customers.