Last year, we commissioned the Institute of Customer Service to research what UK businesses think about energy. One of the major findings is that 24% of businesses haven’t switched electricity suppliers within the last three to five years*. So what are the possible reasons for this loyalty?
The first is that many businesses believe that the process of switching will take too much time and be too much hassle. It seems the thought of providing all of the basic information to a new supplier, changing bank payment details, and negotiating the switch, are all barriers.
More positively, some businesses are quite happy with their current supplier; satisfied with their billing, customer service and other factors that come into play at the time of renewal. In addition, companies may not believe that switching will help them make significant savings.
However, the reality is different – according to research by the industry regulator, the Office of Gas and Electricity Markets. Ofgem discovered that small businesses are paying £180 million more than they would in a competitive market. This is particularly interesting in the light of another finding within the same research: in 2016, 85% of small businesses who switched said they did so because they were offered or found a cheaper deal.
If you’d like to be one of the enterprises able to achieve energy savings this way, check out our blog on what to consider before switching.
Once you’ve found a supplier, you must provide the appropriate termination notice before your contract end date. Your current supplier will let you know how and when you need to do this.
*ICS report “Haven Power – Sustainability and customer service research” October 2017. 24% of the 220 businesses responding via online and phone interviews haven’t switched electricity suppliers within the last three to five years.
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