Nearly half of energy consumers have switched, according to new survey
New research from the Energy Switch Guarantee, published today, reveals that nearly half (48%) of those surveyed said they have switched energy supplier in the last four years – significantly higher than those who said they had switched home insurance (35%), broadband (31%), telephone provider (24%) and bank (14%).
The new survey also found:
- Over a third of those who haven’t switched energy supplier say they are happy with their current supplier’s service (39%) or with the price of their tariff (34%);
- Of the over 65-year olds that haven’t switched supplier in the past four years, two in five (41%) said they would only switch if current supplier’s customer service deteriorates;
- For the majority of consumers (79%) price was the main reason for them to switch;
- Over eight in 10 (83%) consumers who have switched energy supplier in the last four years are happy with the process.
The Energy Switch Guarantee is a voluntary industry initiative set up by Energy UK in 2016 to ensure switching is hassle-free and quick for customers. Around a third (32%) of consumers are aware of the Guarantee and of those who have heard of the Guarantee, seven in 10 (70%) say that it would make them more confident about switching supplier.
The research was conducted by Populus, following Ofgem’s announcement of the energy price cap increase that came into effect in April. When asked about the energy price cap, seven in 10 (70%) energy customers said that they have heard about it but four in five (78%) said that it wouldn’t affect their switching behaviour.
Last year a record 5.8 million – or one in five – customers switched electricity supplier and, as Ofgem’s figures reveal, many more have moved to a better deal with their current supplier.
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.
“With the Guarantee in place, consumers should feel confident to choose the best deal for them without worrying about their switch, losing supply or when they will receive their final bill. The Guarantee covers around 85% of the market and the signatories are committed to making switching simple, speedy and safe.”
Notes to editors:
- The research was conducted by Populus on behalf of the Energy Switch Guarantee in the form of an online survey with 2,816 respondents living in Great Britain who are responsible for their household’s energy supplier and it took place between 13th-17th March 2019.
- View the latest switching reports here.
- Populus is a member of the British Polling Council and abides by its rules. For more details go to populus.co.uk.