One in Four Brits are currently looking to change their energy supplier
Plus advice from the experts on when to take a meter reading
With energy prices set to rise 10% from October 1st*, new research has revealed that half of Brits (51%) would consider switching energy providers to manage the cost of their bills, with one in four (25%) actively looking for a new tariff.**
The new Price Cap, which will come into force on October 1st, will increase from £1,568 to £1,717. Ahead of the increase, experts at Go.Compare Energy are reminding people to submit a meter reading to make sure they aren’t overcharged for their energy, as well as encouraging bill payers to look around at the options on the market.
Gareth Kloet, spokesperson for Go.Compare Energy commented: “With the cost of energy set to rise again in October, many people will be thinking about their current energy tariff. The rise is a reminder that the UK energy market is still subject to fluctuations but now is a good time to consider opting for a fixed-rate tariff.”
However, despite the research revealing that half of Brits would consider switching energy providers, 16% of those who took part admitted that they find the market too confusing to switch and 8% didn’t know it was an option for them.
Gareth explained, “For lots of customers, switching tariffs hasn’t been something they have considered for a few years, but now could be the right time to fix your rates before the colder months set in. But before you switch, it’s a good idea to take a look at your current tariff and your energy usage - if you are on a flexible/variable tariff then the cost of your energy will depend on the wholesale energy market meaning that your bills could unexpectedly change.
“If you are on a fixed-rate tariff but want to look at other options available it’s worth checking if there are any early exit fees involved if you leave your contract early, which could cancel out any savings you make. Using a comparison site is a great way to see the options available on the market for you.
“Whether or not opting for a fixed rate tariff is the right decision for you, taking a meter reading as close to 30th September before the prices rise will make sure you are charged the right amount of energy at the right rate. You could also consider increasing your monthly direct debit payment ahead of the colder months when your energy usage is likely to increase.
“As well as looking at your energy tariff there are a few small changes you could make which could help you save money and energy. Turning off divides in standby mode, buying energy-efficient appliances and swapping baths for showers. Go.Compare has compiled a guide with some practical energy-saving tips, which can be found here: https://www.gocompare.com/gas-and-electricity/guide/energy-saving-tips/ ”
More information about energy bills and switching can be found at: https://www.gocompare.com/gas-and-electricity/guide/how-to-switch-energy-supplier/
Contact Information
Rubie Barker
Notes to editors
Notes to editors
*Between 1st October and 31st December new energy prices will be capped at 6.24p per kilowatt hour (kWh), and electricity at 24.50p per kWh. https://www.ofgem.gov.uk/energy-price-cap
**These findings are from a study released by Sago between September 6th and 8th, among a random selection of 2,242 of GB adults ages 18+.
The results were weighted by age, gender, region, and ethnicity to match the population, according to Census data. For comparison purposes, a probability sample of this size has an estimated margin of error (which measures sampling variability) of +/- 2.5%, 19 times out of 20. Discrepancies in or between totals when compared to the data tables are due to rounding. Excerpts from this release of findings should be properly attributed, with interpretation subject to clarification or correction.
For further information please contact:
Lynsey Walden or Kath Chadwick at Go.compare on lynsey.walden@gocompare.com or kathryn.chadwick@gocompare.com.
Keep up-to-date with GoCompare on Twitter; @GoCompare
About Go.Compare
Go.Compare is a comparison website that enables people to compare the costs and features of a wide variety of insurance policies, financial products and energy tariffs.
It does not charge people to use its services and does not accept advertising or sponsored listings, so all product comparisons are unbiased. Go.Compare makes its money through fees paid by the providers of products that appear on its various comparison services when a customer buys through the site.
When it launched in 2006, it was the first comparison site to focus on displaying policy details rather than just listing prices, with the aim of helping people to make better-informed decisions when buying their insurance. It is this approach to comparing products that secured the company an invitation to join the British Insurance Brokers’ Association (BIBA) in 2008, and it is still the only comparison site to be a member of this organisation.
Go.Compare has remained dedicated to helping people choose the most appropriate products rather than just the cheapest and works with Defaqto, the independent financial researcher, to integrate additional policy information into a number of its insurance comparison services. This allows people to compare up to an extra 30 features of cover.
Go.Compare is part of Future Plc and is authorised and regulated by the Financial Conduct Authority (FCA).
More information can be found here www.gocompare.com or here https://www.futureplc.com/brands/.