How much did your electricity bill cost in February? If it led you to switch to a new power supplier, you were not alone.
Energy UK noticed a record-high number of Britons that changed their electricity in the previous month. More than 660,000 households made the switch, up 60 per cent year over year and represented the biggest increase in a single month.
Benefits of Switching
Most people save because they want to save money on their electricity bill. In 2017, Ofgem discovered that you could save £300 per year if you make the switch. The energy regulator learned about this from 60 per cent of households that replaced their power supplier last year.
Those who are keen on saving more money should consider renewable energy such as solar power. However, you would need an efficient solar panel monitoring system to keep track on just how much you could save by harnessing energy from the sun. As power prices in the U.K. increase, it makes sense to consider other cost-efficient alternatives.
Cost of Electricity
British Gas, the U.K.’s biggest power supplier, imposed a 12.7 per cent increase in rates in 2017. This led many Britons to look for other providers, preferably small- or mid-tier companies. According to Energy UK, an estimated one-fifth of households choose to pay their electric bills from such suppliers.
The country’s Energy Switch Guarantee has also encouraged more people to change their service provider, as it assures them of an uninterrupted power supply while making the switch. As a result, suppliers now feel the need the offer more competitive rates to lure and retain customers.
Switching to a new electricity supplier in the U.K. has become easier now unlike in the past. Those who want to save on their energy bills should consider this, aside from choosing to install complementary resources such as solar power.