Despite the growing awareness of the savings available to those who regularly switch, figures from Ofgem revealed only a quarter of customers switched supplier in 2019 (24%), and just 18% switched to a new tariff. The regulator also revealed almost half (49%) of customers have never switched, or have only switched once.
Switching tariff, if not supplier, every year is a must and savings of up to £300 could be made quickly and easily. Steve says “If you’ve been on the same deal for more than a year then it’s likely you’ve rolled over onto a pricey default plan, or Standard Variable Tariff (SVT). Put simply, you could be paying hundreds more than you need to for the same product. It doesn’t matter if you rent or own your home either – anyone can switch their supplier.”
It’s quick and easy to switch supplier and using something like Loop can make it even easier and more beneficial, with savings calculations and supplier recommendations based on your actual electricity usage, and many switches available directly through the Loop app. With many households having to tighten the purse strings, Loop is now offering its next 1,000 newsletter subscribers a 90-day free trial so customers can explore the savings available for themselves, free of charge. For more information, subscribe at loop.homes.