Our roundup of the most interesting energy market stories this week:
1 – Switchers are happy 90% of the time with their switch
2 – 50% of renters have never switched their energy
3 – Scottish Power taking positive steps forward to tackle SVTs.
Switchers are happy 90% of the time with their switch
We’re pleased to see that the UK’s Energy Switching Guarantee has resulted in a 90% satisfaction from energy supplier switchers. We’re really happy to see such seamless switches that get great savings for consumers.
The trade association Energy UK launched the Energy Switching Guarantee to ensure consumer confidence in switching providers. It stipulates 10 requirements for suppliers that they can voluntarily sign up to. These include:
- No interruption in the supply of your electricity and gas. Since the gas and electricity coming out of your pipes is exactly the same with any supplier, energy supply should never be halted when switching between themselves to get a better deal.
- A fast switch in under 21 days. It would be faster but for a 14 day cooling-off period is served should a customer change their mind about a switch.
- Your new supplier will send you your details immediately so that you can check with tariff you are switching to.
- The supplier you are switching to will talk to your old supplier and work out all the details so you don’t have any hassle.
- You’ll receive you last bill within 6 weeks so there is not too much confusion about which bill is which.
- You’ll not be double charged by the two suppliers. They may send the last bill several weeks after you’ve finished your tariff but there won’t be a time period when you are paying for energy twice.
- No cost involved in the process of switching, excluding any exit fees and account debits.
- Any credit or debit will be refunded within 14 days of the end of your switch.
- Your new energy supplier will investigate any issues with the switch and be responsible for fixing it.
- No home visits, there is no need to change anything in your house so no need for someone to come round.
With Switchd we monitor these 10 requirements to get you the smoothest switch possible.
50% of renters have never switched their energy
Renters of the UK, you’re overpaying for your energy. 50% haven’t switched in the last 5 years! While you might only be in your home for a year, it’s worth taking 5 minutes to sign up with us to get your energy sorted. Even a 1 bed flat can saves £100s a year! That’ll pay for that shiny new Netflix 4K.
Which magazine has conducted a survey of 1,900 of its members who rent their accommodation and found out a few really interesting stats. 25% of them had never switched their energy company, while 47% have not changed their tariff in the last five years. A whopping 79% haven’t changed the way they pay their energy bill which could yield a dramatic saving even with the same supplier.
If you’re one of these renters and you’re fed up with overpaying, sign up to Switchd. It only takes 5 minutes and we’ll sort out all the rest. We’ll even follow you round each property you live in to keep getting you a better deal. Sign up at switchd.co.uk and email us at firstname.lastname@example.org when you move.
Scottish Power taking positive steps forward to tackle SVTs.
We’re happy to hear from Scottish Power that the plan to do something about Standard Variable Tariffs. They have pledged to swap people onto a new fixed tariff and not the extremely expensive variable tariffs they offer. Great news for consumers. Of course, there are typically even cheaper deals out there if you shop around.
The announcement came from Neil Clitheroe, global retail director at Scottish Power, saying that they planned to move all of their customers off default rates. Instead when their tariff expires they “will default them on to new fixed-priced products”. Well done Scottish Power.
However, it is important to note that Scottish Power is rarely the cheapest energy deal and you are still likely to save £100s by switching to a different supplier. Sign up to Switchd and we’ll only charge you if we can find a deal cheaper by £50.
Round up provided by Switchd.
Switchd can manage all of your utility bills, keeping you on the best energy tariff automatically subject to your settings. Want to go green? We’ve got you covered. Want to avoid a certain supplier? No problem. We’ll then monitor the market daily for you and switch you hassle free when the time is right. Visit www.switchd.co.uk.