What are the latest market developments?
The cheapest energy tariffs tend to be fixed-term, fixed-rate deals. Customers with these deals need to keep an eye out for their tariff’s end-date, so that they can look for another great deal to take its place. Our snapshot lists the 63 energy tariffs that end in May 2019, so if yours is on the list, you might want to take the opportunity to find a new deal that could save you money.
While we know that some of you can be put off switching energy providers, many of you have already discovered that it can be worth it and have benefited from some amazing energy deals.
So what kind of savings can be made with these switches? Some of the figures might surprise you. Customers who switched with us in April 2019 to our Simplicity Energy Parsnip19 tariff made an average saving of nearly £365. Big savings averaging around £268 have also been available through our Exclusive deals with EDF.
The Big Six
Over the past year, we’ve seen people leaving the Big Six in large numbers. That trend has continued in April 2019 with over 27% of you switching from the Big Six providers. Some of you decided to move over to one of the Big Six - the figure of 17% was on a par with last month's figure.
It’s worth noting that our highest saving tariff came from a so-called ‘smaller’ supplier. We’ve found that one of the biggest worries for customers is whether these smaller suppliers are as reliable as the Big Six, or whether there are adequate protections in place if a provider goes bust. However, you can rest assured, as Ofgem has introduced safety measures and guarantees to protect customers in these circumstances, so you'll never lose your supply.
Great deals can be found right across the energy market, so it’s always a good idea to compare all types and sizes of supplier to find one that meets your needs.
Who has the most to gain?
Last month, those of you in the 40-49 age bracket saved the most money by switching suppliers, with an average saving of around £218, with customers aged 50-64 and 80+ saving just a couple of pounds less. With the lowest saving for an age bracket still working out at £159 for those aged 21-24, there are savings to be made whatever your age.
And no matter where you live, regional savings start from an average of £184, so it really could pay to compare and switch.