CRU Reminds Consumers to Switch and Save as Switching Figures Continue to Improve
Supplier switching rates for July 2024 increased to their highest levels in two years according to the CRU Customer Switching Report for the Electricity and Gas Retail Markets.
The electricity and gas switching report can be found here.
New report shows a 51% increase for electricity customers and a 32% increase for gas customers in July 2024 compared to July 2023.
The total number of customers switching in electricity was 34,791 in July 2024. This represented an increase in switching of 51.01% from July 2023, where there were 23,039 switches. The total number of customers switching in gas was 10,575 in July 2024. This represented an increase in switching of 32% from July 2023, during which time there were 8,011 customer switches.
Based on CRU data collected from accredited price comparison websites, the average customer can save between €300-€400 if they switch supplier or renegotiate with their current provider. Active customers who switched supplier or renegotiated with their current supplier every year for the last 2 years could have saved €385 on gas, €663 on electricity or €1,261 on their dual fuel costs.
By only switching once and not looking at which plan is best suited after the expiration of their discount tariff, customers are losing out on a significant amount of potential savings. Time of Use (ToU) tariffs continue to represent some of the best value that customers with a smart meter can currently avail of. These tariffs are often cheaper and provide customers with better insights into electricity consumption.
Speaking about the switching figures, Karen Trant said, “With recent price decreases, customers should actively review their energy bills and look at all offers that are available from suppliers. If a customer is out of contract with their supplier, renegotiating their current tariff or switching supplier to receive a better deal can help offset the price of their energy bill. Price comparison websites can help customers work out the best price plan and energy supplier for them. Customers can use one of the three CRU accredited switching websites, www.bonkers.ie, www.powertoswitch.ie, or www.switcher.ie to compare offers and switch suppliers.”