Almost half (48%) of Moneywise.co.uk users who responded to our recent poll say they always switch suppliers as soon as their contracts ended. A further 18% say they will switch if their provider announces a price hike.
But while two-thirds of the 622 people who took part in our poll are prepared to switch, a further 21% have no plans to switch their energy provider, despite the fact that three major suppliers have announced price hikes.
More than four million British Gas customers on the firm’s standard variable tariff (SVT) will be hit by a 5.5% price hike at the end of May.
It means a typical dual fuel customer will face an increase of £60 to their annual bill to an average of £1,161.
Meanwhile, nearly one million Scottish Power customers will pay an extra £63 a year when it increases its SVT on 1 June. A 5.5% price hike will take the average annual bill to £1,211.
It is also feared that customers could face higher prices if a proposed merger of rivals Npower and SEE is successful. The Competitions and Markets Authority has warned that a merging of the two firms could reduce competition, which could result in household bills rising.
This stark outlook means UK households should be shopping around to make sure they are on the best energy tariffs or risk paying out more than they need to.
Worryingly, of the 21% who have no plans to switch provider, 11% say it’s because it is too much hassle to do so. On a more positive not, 10% will stick with their provider even if prices go up because they are happy with their service.
Thanks to the 622 people who voted. Please take a moment to vote in our new poll, which asks if you waste money on unused subscriptions.