Energy switching hits six-year high: check if you can save £100s

27 February 2017
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Energy switching has hit a six-year high with 7.7 million gas or electricity switches taking place in 2016 – 1.7 million (28%) more than the previous year.

It’s the highest level of switching since 2010, according to energy regulator Ofgem. 

Interestingly, of those switching, nearly half (47%) were to small or medium suppliers as they continue to attract growing numbers of customers away from the Big Six providers.

 

However, despite rising switching rates, around two-thirds of customers still remain on pricey standard variable tariffs.

With savings of around £230 a year on offer from switching to the cheapest deals, households should check now if they can switch and save.

As of 28 January 2017, the cheapest dual fuel deal on the market was £834 per year, according to Ofgem, while the average standard variable tariff on offer from one of the six larger suppliers was £1,066 per year.

Now is a good time to switch before a raft of price rises takes force. EDF is increasing prices by 8.4% on electricity from 1 March, and EDF by 8.4% on electricity from 1 March .

Meanwhile, Co-op is increasing prices by 5% from 1 April  and Npower by 10% from 16 March  Plus, Scottish Power is increasing prices from from 31 March.

Ofgem’s chief executive, Dermot Nolan, comments: “Big savings of around £230 are available and switching has never been easier, so we would urge everyone to shop around for a better deal, especially if their supplier announces a price rise.”

The vast majority of switches now take 21 days, including a 14-day cooling off period where you can change their mind. In comparison, three years ago it took around five weeks to switch supplier.

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