Why you should use your Energy Switching Power

With winter on its way, it makes sense to find the best gas and electricity deals, yet a worrying number of people are still reluctant to switch to a different energy supplier, either through loyalty or complacency.

A light bulb and switch

Consumers need to understand that they have the collective power to change markets. Every gas and electricity customer has the power to switch to a better deal or to a new supplier.

Everybody should be using their “switching power” and this article explains why.

If you want to sign up to Bulb Energy, click here to get a quote!

The Big Six energy companies have been dominating the energy market for too long. We have seen too many examples of these huge suppliers acting together when one of them increases their prices. It is not long before the other five rise their prices too.

And then there is the complexity of tariffs and products. As consumers it becomes almost impossible to compare the energy product offered by one supplier with a similar product from another.

The industry watchdog, Ofgem has gone some way to making price comparisons more transparent, yet consumers still struggle to find their way through the jungle of products and tariffs.

Green energy at competitive prices

Environmental concerns also play a part in many consumers choice of energy company, and rightly so.

You can find electricity deals from renewable sources from the Big Six, but they often come with higher prices.

In contrast, there are over 50 independent energy companies, many of which specialise in supplying green energy at very competitive prices. You really can save money and help the environment at the same time.

The key, though, is that if you are currently a Big Six customer, it is likely that the only way of achieving these benefits is by switching to one of the smaller independent companies.

The question many ask is whether it is safe to switch to a smaller energy company. What happens if it goes bust? Will your gas and electricity still work?

Why you should use your Energy Switching Power is simple and reassuring.

In order to supply gas and electricity, businesses must be licensed and comply with Ofgem trading standards. If the worst happens and the business does fail, then another company will be appointed by Ofgem to supply your energy.

So your lights will still turn on and your gas central heating will still work.

Large Energy companies thrive on your complacency

Have you ever wondered why energy companies give you a small discount when you set up a direct deposit with them?

This is because unfortunately most of us don’t look at our monthly bank statements and therefore don’t realise how much we are spending on our energy bills every year.

Most of us are complacent and the large energy companies rake in huge profits as a result.

It is really easy to switch to another energy supplier. It doesn’t take any effort from you other than to read the meters. Your new supplier does all the hard work.

So don’t be complacent. Look at your next bank statement and multiply your energy costs by 12 to work out your annual costs. You may be a bit shocked.

Calculating annual energy costs

If you are, then act now. Spend some time looking at the available deals and when you find a suitable one, use your switching power and get switching.

There really is nothing to lose, but do check to make sure that you have not been locked into a long term contract first. Some independent energy companies, such as Bulb Energy, do pay your exit costs for you, which is awesome.

Look for sign up inducements

The independent suppliers know that they have to offer something special to convince you to switch to them from the larger companies.

The supply of larger mixes of green energy is probably not going to convince many people to make the move, so some independent companies offer refer a friend referral schemes.

If you want to sign up to Bulb Energy, click here to get a quote!

These schemes give you either a credit or a gift card if you switch to them and give a similar reward to the person who referred you (the existing customer).

This is a great way of starting with your new energy supplier with a credit sitting in your account.

However, if you give your referral link to your friends and family, you will also earn as well as save money by switching.

That is truly awesome. Some energy customers are making significant money by doing this.

This could, and should, be you!

Using your power

Use your energy switching power

As a consumer, you have considerable power. When consumers work together, combining their power, it really can change markets, making them more competitive and improving things for everybody.

This is starting to hurt the Big six energy companies. British Gas have recently announced that they have lost 823,000 customers in the three months between June and October this year.

That is a staggering loss of about 7% of their customers in three months!

It just goes to show that consumer power really does work, and that finally people are realising that there are better deals available and that it is easy to benefit from them.

Great! Let’s hurt these Big Six companies more!

So use your energy switching power. Drop that complacency and switch to a better deal. You have nothing to lose and everything to gain.

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