More than 650,000 households switched energy supplier in March

The latest figures from Energy UK show that 650,000 customers switched energy supplier last month. This is the second-highest number ever recorded by the trade association.

So far in 2021, 1,500,000 households have switched supplier. However, although this seems like a large figure, it’s actually 7% lower than this time last year.

Traditionally, March is a busy month for switching. This is because a new price cap usually comes into effect on April 1 and many fixed deals come to an end during the month. As a result, savvy energy customers usually run an online energy comparison in March in order to lock in a great new deal before they’re automatically switched to a variable tariff, which is often far more expensive than their previous deal.

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Who is switching where?

In March, 28% of those who switched supplier moved from a large supplier to a small or mid-tier supplier, while only 11% of switchers moved in the other direction. In addition to this, 54% of those who switched simply moved between large suppliers and only 7% moved from one small or mid-tier supplier to another. Overall, small and mid-tier suppliers gained 105,077 customers.

Although traditionally the ‘Big Six’ suppliers have dominated the energy market, in the past several years we’ve seen more and more customers move away from large suppliers due to issues like poor service and high prices. 

These latest figures show this trend is continuing and that small and mid-tier suppliers continue to take customers away from the ‘Big Six’. It’s easy to see why, too. In the past, we’ve reviewed many challenger brands like Bulb Energy, So Energy and Octopus Energy and we’ve found that they’re among the best energy suppliers in the UK.

Switch and save today

Due to the fact that millions of households were set to experience a price hike in April, it’s great to see that more than 650,000 households in the UK switched supplier and moved to a new fixed-term tariff. By switching away from a standard default tariff, it’s estimated that each household saved around £244 on average on their annual energy bills.

If you’re still on a standard variable tariff or you haven’t switched supplier in a while, then it isn’t too late and you could still save hundreds of pounds by switching today.

Running an online comparison only takes a few minutes and you’ll see a great range of quotes that are tailored to you. Just input some basic details about your home and your energy usage and the tool will show you the best energy deals in your area. It will also show you exactly how much you could save by switching to each tariff.

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