Insulated walls, strategic heating hours and two-minute showers… If you’ve mastered the many money saving tips that have been floating around the internet, you may have made it through winter without racking up a huge energy bill. But too many of us are still continuing our bad habits and ignoring the potential savings on offer.
A recent study into how energy providers generate customer loyalty asked homeowners: Are you happy with your energy supplier? The results were surprising.
The research, conducted by comparison site Love Energy Savings, found that 33% of homeowners haven’t considered the possibility of switching their supplier to get a better deal.
The vast majority of energy customers are signed up to the Big Six providers. These companies almost have a complete monopoly over the market, leaving them in charge of your monthly bills and free to hike their prices when they see fit. Drawn in by advertising and new member discounts, it’s easy to be swayed, but what makes you stay?
It’s too difficult to switch energy providers
The myth surrounding slow switchovers may have once been true, but recent legislation has seen energy providers cut their switchover time from five weeks to just two and a half.
All you need is a recent meter reading and your own details to hand to easily calculate if you could be getting a better deal elsewhere. Many of us make the mistake when moving to a new home of sticking with the provider that the previous occupiers used, purely based on convenience alone. This could mean your hard-earned wages are eaten up by monthly outgoings that are unnecessarily high.
There are hidden costs
If you switch on your contract renewal date, there should be no fees for changing provider. You could even end up in credit and receive a refund from your old provider for miscalculating your monthly bills.
I’m already on a good deal
But are you sure you’re on the best deal? It doesn’t hurt to check and it only takes a few minutes with so many resources online. The Love Energy Savings study also found that 38% of respondents were ‘happy and loyal to their energy provider’. Could these people be missing out too?
The lack of awareness surrounding the monopoly of the Big Six could mean that although people are comfortable with the price they pay for energy per month, they could still be missing out on better deals elsewhere.
In most cases, loyalty is not rewarded. The best deals are reserved for new contracts and used to entice new customers. You may be making the effort to be green and energy efficient, but your providers aren’t going to congratulate you for that – especially since that means they can’t charge you more.
It’s time to take back control over the market and show the biggest providers that you won’t stand for service that doesn’t offer you great value.
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