The number of households switching their energy supplier rose by 15% last year according to industry regulator Ofgem.
Around six million accounts were transferred in the year, up 800,000 from 2014.
Although all major suppliers have announced gas price reductions in the past few weeks, many consumers have found that the cheapest deals are often hundreds of pounds cheaper than the standard offers that have been affected by the cuts. With no supplier reducing their electricity prices as well, it is almost certain that every household on a standard tariff would save money by switching to a cheap fixed offer.
Ofgem have welcomed the increase, with Rachel Fletcher saying “It’s encouraging to see switching levels at their highest level for four years.”
Matt Ridout, researcher at energyhelpline reacted to the news, commenting, “It’s encouraging that the number of people who are switching increased last year. Consumers are realising that loyalty doesn’t pay and the only way to get a better deal for your energy is to shop around.”
“More can still be done, as millions of homes are still paying far too much for their gas and electricity, with suppliers making only token price cuts following massive wholesale price reductions.”
“Switching needs to become a routine part of every household’s financial management. Savvy consumers switch to save and it takes just a few minutes!”