Utility customers must shop for best deal
Signs that the UK economy is on the mend should not deter businesses from remaining vigilant about their overheads, according to the Energy Advice Line.
Julian Morgan, managing director of Energy Advice Line, a price comparison and switching service for energy consumers, said reports of improving business confidence represented an opportunity to seek out competitive utility deals.
“Recent reports that confidence is improving in the business sector as the economy becomes more buoyant is news that UK businesses have been waiting to hear,” Mr Morgan said.
“But rather than relax the reigns on spending, this is the ideal time for small and medium-sized firms to engage with the market to see what deals are available. It could be the perfect time to clinch a competitive deal.”
Mr Morgan argued that recent Ofgem figures showed less than 20% of domestic energy consumers bother to shop around for the best electricity and gas deals and switch suppliers.
He said the figure was “appalling” given that switching utility companies was recognized as the easiest and cheapest way for consumers to reduce their energy bills.
“For a wide range of reasons, many of them to do with the complexity of energy tariffs, consumers are putting their utility supplies into the too-hard basket,” Mr Morgan said.
“But neither householders nor business owners can afford to be apathetic when it comes to energy because it now such a significant overhead.
“With signs of renewed economic confidence emerging, customers need to push forward and take control of their costs, and this applies particularly for businesses.
“It is significantly easier for a business to reduce its overheads than win new customers. And the effect on the bottom line can be felt almost immediately.”
Mr Morgan pointed to recent comments by an Energy Advice Line customer on consumer review site Trustpilot who had saved £2,000 on his company’s £5,000 annual energy bill.
Other customers attested to how simple the whole process was to obtain competitive energy quotes and to switch supplier.
“A totally stress free process, with no pressure selling and we will save an impressive £1k per year!” said one Energy Advice Line customer. “Exceptionally Quick Service from a team that made the process easy because they care!” said another.
Some key economic indicators have recently suggested that the UK might at last be emerging from recession, with one report suggesting that optimism was at its highest point since May 2012.
Economic output stands at a 13-month high, driven by strong growth in the manufacturing sector. Further, research by Lloyds has found a “brightening economic picture”, with increases in business activity across all English regions in June producing the strongest growth across the country as a whole since January 2012.