You are here: Home - Household Bills - News -

More than 650,000 energy customers ditched their supplier in March

0
Written by: Emma Lunn
20/04/2021
About 650,000 households switched electricity supplier in March – the second highest number ever recorded by Energy UK.

After a relatively slow start to the year, the figure for last month has leapt by 42% compared to February and is also 10% higher than March 2020.

So far in 2021, 1,500,000 customers have switched supplier, which is 7% lower than at the same time last year.

Emma Pinchbeck, Energy UK’s chief executive, said: “Although always remaining healthy, switching figures have been notably more volatile over the past year – and after a slow start to 2021, we saw a big increase last month.

“Traditionally switching is at its highest at this time of the year – and it’s also likely that customers have responded to being advised to check they’re on best deal in light of the recent price cap rise.

“As ever a few minutes checking out what’s on offer from your own supplier and on the wider market, can really be worth your while – and those looking to ensure a hassle-free switch should also see if their new supplier is signed up to the Energy Switch Guarantee.”

In March 2021, of all domestic switches 28% were from larger to small and mid-tier suppliers, 11% were from small and mid-tier to larger suppliers, 54% were between larger suppliers, and 7% were between small and mid-tier suppliers.

In March the net gain by small and mid-tier suppliers was 105,077 or 17% of all domestic switches.

Will Owen, energy expert at Uswitch.com, said: “Millions of customers were staring down the barrel of price rises in March, and it’s great to see that so many voted with their feet and moved to a better deal elsewhere.

“Providers were pushing up the cost of their energy deals in reaction to April’s new price cap, but 650,000 electricity customers realised that they didn’t have to sit down and take it. There are 56 fixed plans coming to an end in April, meaning more than one million homes could see their bills rise by £244 on average as they are moved onto their suppliers’ default tariff.

“The cheapest deal currently on the market is £920 — £217 less than the £1,138 default price cap. If you’re still on a standard variable tariff, it’s not too late to do a search online and see how much money you could save by moving to a fixed deal.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Everything you wanted to know about ISAs…but were afraid to ask

The new tax year is less than a fortnight away and for ISA savers or investors, it’s hugely important. If yo...

Your right to a refund if travel is affected by train strikes

There have been a wave of train strikes in the past six months, and for anyone travelling today Friday 3 Febru...

Could you save money with a social broadband tariff?

Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week