Are you in a toxic relationship with your energy provider?

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  • 12.5 million people have been with the same energy supplier for the last five years
  • 3.7 million (31%) of retirement age Brits have been with their provider for 5+ years.
  • 2.4 million have been with their provider for 10+ years

As Valentine’s Day is drawing in, it’s time to unveil the one true sign of a happy relationship that could be costing you hundreds – loyalty.  In 2018, 18 million people across the UK stated they didn’t need to switch energy provider as their current supplier was offering the best deal for their energy. This is despite the fact that the UK largely nestles on standard variable tariffs, losing millions as a nation for the pleasure. So why does the nation blindly ignore the perils of long-term commitment to one energy supplier?

The top reasons for you to ditch your old energy supplier:

  1. I am happy with my current energy supplier

22% of Brits – six million people – would not know if they were overpaying for their energy

It is a common mistake to assume that you are paying a fair rate for your energy, however, this is rarely the case and the majority of the time, cheaper options are available.

  1. Why bother when all suppliers offer the same thing

5 million consumers think all energy providers will deliver the same offer

This is not the case – there are huge differences between energy companies, in both price and customer satisfaction.

  1. I’m already getting the best deal on my energy

18 million people (34%) across the UK believe their current supplier is providing them with the best deal for their energy usage

Whilst you may believe that your energy supplier would never overcharge you for your energy, especially if you’ve been with them for a few years, Labrador has found that 60% of customers were overpaying for their energy in 2018.

Jane Lucy, founder of Labrador is of the opinion:

Energy is most definitely a sector where loyalty does not pay. To get the most for your money, remaining nimble with the suppliers you select is essential, something which is now done for you through auto-switching. Lethargy and loyalty go hand in hand, consumers must never be under the false impression that a supplier will reward you for your long-standing commitment, as you will be losing thousands for this assumption.