The latest Ofgem customer service highlights survey has revealed that 74% of customers are either ‘satisfied’ or ‘very satisfied’ with their energy supplier – that’s up from 71% in Q1 of 2020. During the same period, complaints have also fallen by nearly 30%.
The survey shows that overall satisfaction increased not just for the best energy suppliers but for all supplier groups. However, medium-sized suppliers were rated highest (79% satisfaction), followed by small suppliers (77%) and large suppliers (72%).
The fact that large suppliers have the lowest satisfaction levels supports research from Energy UK, which suggests that many customers are moving away from large energy suppliers due to issues such as higher bills and poor customer service. Energy UK’s data showed that 40% of all switches between June and July were from one of the large Big Six energy suppliers to a challenger brand like Bulb Energy or Octopus Energy.
From Ofgem’s data, it seems as though there’s also a continued increase in the number of customers who find it easy to compare and switch energy suppliers (87% and 83% respectively).
This is incredibly useful because even if you’re happy with your current supplier, you can still save money by running an energy comparison and switching. Energy customers are not generally rewarded for loyalty.
Instead, if your fixed-term contract ends and you don’t specify a new tariff, most suppliers will automatically roll you onto a more expensive default standard variable tariff. That’s why customers who stay with the same provider for a number of years often overpay for their energy, so it’s important to shop around.
Save by switching
Even if you’re happy with your current supplier, data from MoneySuperMarket shows you could save a substantial sum of money by switching provider. A survey from the service shows that 11 million households (approximately 50% of the country) are still relying on the price cap to bring down the cost of their energy bills.
Although the new cap – which comes into effect in October – will lower energy bills for many, over 80 tariffs on the market are cheaper than the new price cap. That means that 99.88% of customers on default standard variable tariffs can save by switching. Overall, switching deals could save households over £189.
That’s because although the price cap limits how much you will pay for your energy, it doesn’t limit what you can save. You should never rely on the price cap to lower your energy bills.
If you haven’t switched supplier in over a year, you’re likely to be paying too much for your energy. Thankfully, it’s easy to run an online energy comparison to find the best energy deals in your area. You can complete the process in a couple of minutes and you’ll only need to provide a few basic details about your home and energy use. You’ll receive a detailed breakdown of the best tariffs available, and you’ll be able to see how much you could save by switching to each provider.