You can’t go far online without seeing ads for switching, whether its car or home insurance, utilities, car financing, broadband or mobile phones – everyone wants your business!
Research by Energy UK, reported in The Guardian, noted that in 2018 nearly 5.8m households moved to another electricity supplier in 2018, up 6% on 2017. That’s impressive right? That means that nearly 25% of homes (assuming 23.4m UK households) switched to get a better deal.
This blog post doesn’t look to give tips and tricks, but more tell a story of how I saved £864 by switching my gas & electricity and landed a whopping £735.63 refund!
In 2017, when I moved home, I did something a little bit lazy, I signed on with the energy provider that the previous occupier used – Ecotricity. I’ll be honest, when it came to household bills I was a bit of a novice, assuming that prices were pretty much the same across the board – maybe I should have checked their TrustPilot 🤔.
Since moving in I’d never actually given a meter reading being worried that if I submitted it I’d be due a massive bill! How wrong I was…
I was paying around £171 a month of gas and electricity which I’d just assumed was “the price”.
I then last week got a letter from Ecotricity telling me that they were putting the price up to £183 a month and did what we all do when we need a bit of advice with your finances – I asked my Dad – who told me that price was crazy!
Needless to say my Dad – an avid Which? reader – whipped me into shape and pushed me to shop around. The first thing I did was log into my Ecotricity account and submit my meter readings. In doing this they confirmed that I was up to date and the credit was still eligible for a refund.
I then logged onto Bulb and Octopus Energy, two of the providers that advertise heavily on London Transport where I spend most of my time 😳, and got a quote. In doing so I got two quotes which were pretty much the same so decided to go with Bulb as a friend gave me a referral code – both looked good to be honest and don’t have an opinion on either.
In going through the process I managed to get a quote – of £108 a month!
If you’ve got a similar story we’d love to hear about it by emailing us at firstname.lastname@example.org. Hopefully I’ve got to excited to quick and will subject to ongoing power outages and will remain positive.
Now to consider whether to use the refund to buy the kids OR me a nicer Christmas present…..🤪
When Quo Money launches you’ll be able to seamlessly switch your car or home insurance, utilities, car financing, broadband and mobile phones – as well as getting savings from related coupons.
As long as the 76% of homes don’t switch, it’s likely that you’ll be able to capitalise on switching to get you a better deal and save yourself some money!