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British households lose millions by being too afraid to switch to smaller suppliers

A new report released today by the price comparison website uSwitch.com, has found that many energy customers are losing out by a total of at least £337 million as they are too afraid to switch to a smaller energy supplier. A survey of 2,014 people shows only 19% of those with the ‘Big 6’ were happy with the service that they received and yet only 52% of people would consider moving away.

Ann Robinson, Director of Consumer Policy at uSwitch.com, says: “Unfortunately, when it comes to energy suppliers many consumers are caught in a trap – they’re unhappy with the big six, they like what smaller suppliers have to offer, but they’re too frightened to try one out. But their fears are completely unfounded and could easily be laid to rest with the right education and reassurance. This would allow consumers to enjoy far more choice.”

Ann continued: “The fact is that smaller suppliers offer competitive prices and a genuine alternative to being with the big six. There is no risk of losing your supply, either while switching or at a later date. If anything happened to your supplier, Ofgem would step in so you would always be guaranteed supply.”

The energy industry suffers from over-complication, high prices and poor service, however smaller suppliers often offer better and more personalised service, with competitive prices and a fairer way of doing things. OVO Energy was started two years ago by Stephen Fitzpatrick who was unhappy with the suppliers on offer and wanted to create an energy company that was cheaper, greener and simpler.

77% of people would consider a move to a smaller supplier for cheaper energy, 32% for better customer service and 28% for clearer bills. The team at OVO Energy works hard to provide all of these things to our customers. In fact in order to give you a fairer deal we offer 3% monthly interest rewards to customers who build up a credit balance on their accounts as well as choice of just two tariffs to keep things simple.