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

By Ovo Energy Wednesday 25 April 2012

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.

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O​VO​ Energy Ltd, registered office 1 Rivergate Temple Quay Bristol, BS1 6ED, company no. 06890795 registered in England and Wales, VAT No. 100119879

Additional terms and conditions
Please see below for full terms and conditions on 33% renewable electricity, 3% interest rewards, exit fees and saving claims.

 

1Monthly cost - Representative monthly direct debit costs based on a non-economy-7, dual-fuel, medium user (3100 kWhs elec. and 12500 kWhs gas) paying in advance by direct debit, including online discount.  All rates correct as of 23/08/16, but may go up or down.

2Weekly cost - Representative weekly costs based on a non-economy-7, dual-fuel, medium user (3100 kWhs elec. and 12500 kWhs gas).  All rates correct as of 23/08/16, but may go up or down.

3Pay Monthly Savings are based on the average estimated annual costs for new PAYM OVO customers quoted through the OVO website (based on household and/or consumption information provided by those customers), compared to their current supplier and tariff. Comparisons taken between 01/01/2016 and 11/10/16. Incl VAT. Actual savings may vary according to your current supplier or tariff, individual tariff options, household information, consumption and location.

4Pay As You Go Savings are based on the average estimated annual costs for new PAYG OVO customers quoted through the OVO website (based on household and/or consumption information provided by those customers), compared to their current supplier and tariff. Comparisons taken between 01/01/2016 and 11/10/16. Incl VAT. Actual savings may vary according to your current supplier or tariff, individual tariff options, household information, consumption and location. 

We include almost twice as much renewable electricity as the national average: At least 33% of electricity in all of our tariffs comes from renewable sources. The national average, according to Ofgem as at March 2014 was 16.7%. For more information please visit this page.

33% of your electricity comes from renewable sources: 33% renewable electricity as standard as of 1st April 2015. Renewable electricity is generated from wind, solar, geothermal, wave, tidal, hydro, biomass, landfill gas, sewage treatment plant gas and biogas.

3% interest: Calculated at 3% per year, paid monthly based on number of days in credit and the amount left in your account after you’ve paid your bill. OVO Interest Reward is capped at 12 times the amount of the current direct debit amount and is available to customers paying by advance direct debit. Terms apply: http://www.ovoenergy.com/terms/

95% of new customers save when switching to OVO: Based on all new customer signups between 01/02/2016 and 31/07/2016

94% of surveyed customers would recommend us: OVO conducted a survey of their customers in between 1st January 2016 and 15th April 2016. Out of 15,312 customers who responded, over 94% rated OVO 6+ when asked 'how likely would you be to recommend us to a friend and family, on a scale of 1 to 10.

Britain's top rated energy provider: Britain's top rated energy provider in the Which? 2015 satisfaction survey. Survey conducted in October 2015. Awarded in January 2016.

uSwitch's Energy Supplier of the Year: OVO energy was voted and awarded  'Energy Supplier of the year' and best for: Overall Customer Satisfaction, Most Likely to be Recommended, Value for Money, Best Deal for You, Customer Service, Billing Services, Energy Efficiency, Meter Services, Online Services, Green Services and Transfer Process. OVO Energy scored a 96% customer satisfaction score.

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