Half a Million Customers Switch Supplier During May
Figures published last month by Energy UK revealed that nearly half a million customers switched their electricity supplier during May, with small and mid-sized suppliers gaining significant amounts of customers.
The exact total who switched during May is 493,912. A a 13% increase on the same month last year. The total of customers having made a switch during the first five months of 2018 has now reached 2.3 million. This is approximately a hundred thousand more than at the same stage last year.
According to Energy UK – the trade association for the British energy industry – during the entirety of 2017 a record total of 5.5 million electricity customers switched suppliers. That works out at 1 in 6 customers switching electricity providers last year. With 2018 thus currently on course to break last year’s record.
Switching is Quick and Means Lasting Savings
Over a third of the customers switching in May moved from larger suppliers to small to mid-sized energy providers. This is a likely consequence of the many new smaller suppliers around today offering more and more competitive rates while the biggest providers continue to raise their rates. Five of the Big Six suppliers have already raised their rates this year. With the sixth due to follow soon enough. One of those Big Six has even raised their rates twice already this year.
The Chief Executive of Energy UK, Lawrence Slade, said:
“The latest figures show that more and more customers are saving money by switching. With the numbers increasing on last year – a record year in itself. Finding a better deal is quick and will bring you a lasting saving. Simply call your supplier! Or better still, have a look to see what else is on offer from nearly 70 competing suppliers.
“And with the Energy Switch Guarantee in place, customers can be sure that the process will be simple, speedy and safe.”
Energy Switch Guarantee
The Energy Switch Guarantee is a voluntary industry initiative. It provides customers with additional confidence when switching from one supplier to another. It covers over 90% of the industry and involves a series of commitments which ensure switching is easy, quick and safe for customers. Firstly, the whole transfer process will be handled by the provider the customer is switching to. Saving them the hassle of dealing with the supplier they wish to leave. Secondly, the switch is guaranteed to take place within 21 days. The Guarantee also ensures customers are able to use their current supplier’s energy supply right up until the moment they officially switch suppliers.
Additional elements of the Energy Switch Guarantee (ESG) include allowing the customer to change their minds about the switch within 14 days and remain with their original provider. Credit from the customer’s previous energy account will also be refunded within two weeks of their final bill from the old supplier.
The ESG claims that confidence in switching is high amongst consumers. 9 out of 10 customers report being satisfied with the switching process when using suppliers signed up to the ESG.
If you want to learn more about switching energy suppliers and the different provider options and tariffs available for you, get in touch with Business Save’s team of highly experienced energy experts.