The latest report from Energy UK has shown that 417,000 households across the UK switched energy supplier in May 2021.
That said, in May 2020, 425,000 households switched their supplier. Similarly, the five-year average for the month shows that 447,000 households usually switch in the month.
The good news is that although switching was down 2% compared with last year, Energy UK’s data does show that almost 2.6 million customers have already switched supplier in 2021. This is actually a 2% increase when compared with the same extended period last year.
If you haven’t switched energy supplier, now is a great time to do so. The process is quick and simple, too. Running an online energy comparison only takes a couple of minutes and could save you hundreds of pounds.
- Online energy comparison: start saving money on your energy bills now
Avoid upcoming price hikes by switching
With wholesale energy costs rising and the price cap expected to spike next time it’s adjusted in October, finding a new fixed-term deal could be a smart move. By changing provider today, you can avoid these upcoming price hikes and lock in a rate for the next 12 months or longer.
What's more, with many cheap energy deals coming to an end in June, now is the ideal time to switch. While some fixed-term deals were as low as £916 three months ago, this level has risen by hundreds of pounds and is now much closer to the £1,138 average standard tariff annual bill, the level of the price cap.
In fact, rising wholesale costs have even led to some of the UK’s best energy suppliers raising their prices. For example, Bulb Energy has already increased prices twice this year. As a result, many of their customers are now expected to pay £1,126 annually.
How to switch today
If you haven’t switched supplier in the past 12 months, then it’s likely you’re on your supplier’s standard variable tariff. These tariffs are often the most expensive in the industry. As a result, by switching to a new fixed-term deal, you could save around £200 a year.
Switching supplier is easy because conducting an online energy comparison only takes a couple of minutes. You’ll just need to provide the comparison service with some basic information about your home and your energy use. Then, you’ll be shown the best energy deals in your area along with a quote for each. You’ll also be shown exactly how much you could save by switching.
