Lots of people would like to switch energy providers, but having the courage to actually go through with it is another matter entirely. In fact, the word “courage” pretty much sums up the problem in a nutshell because there is a perception amongst consumers – justified or not – that switching gas or electricity suppliers comes with an inherent risk that it could all backfire and end up costing you more.
It’s a horrible predicament – especially if you’re totally fed-up with your current provider or think that you’re paying more than you need to – and one that the energy retailers are desperately trying to solve in an effort to attract new customers.
They all promise big savings and other incentives for switching, but getting consumers to take that leap of faith is difficult. How do you know which companies really can save you money on your bills? How do you know which ones to trust? For many households, it’s clearly a case of “better the devil you know”.
How to switch providers in five minutes
Our latest survey of more than 3,000 electricity bill-payers found that about one in three would like to switch providers but are put off because they find the process too daunting, or they simply can’t find the time. So the appetite for switching is there.
The retailers have been trying for years to put the minds of consumers at rest, but what they can’t do is free up more of your time to allow you to sit down and actually do it! However, they’re coming pretty close.
Canstar Blue reached out to Lumo Energy and Momentum Energy, asking them to give us details about their switching processes. And both were keen to point out that switching to their respective services online could take as little as FIVE MINUTES. Could that seal the deal?
Lumo Energy told us its website allows new customers to sign up in three steps – getting an estimate, entering your details and confirming.
“The whole exercise takes approximately three to five minutes,” Lumo told us. “This service was created to make it easier for people to seek out energy solutions that meet their lifestyle needs.”
Its website also allows customers to chat live with sales representatives during the process.
Momentum Energy told us: “We understand life is complex, so we do our very best to make the energy switch as easy as possible. Once you’ve arrived at our webpage, it’s as simple as entering in your address to start the quote process. Providing you have an energy bill for reference, your online sign up process can be completed in five minutes.”
While the energy retailers provide the opportunity of a hassle-free switching process, it’s important not to get carried away. As you may be signing up to a minimum term contract, your failure to read the fine print could come back to bite you. Also keep in mind that your new energy company may wish to conduct a credit check before signing you up.
It’s a good idea to do your homework over time, comparing rates and offers from numerous providers before drawing up a shortlist of potential deals that’d suit your household. Once you have a few prospects, get stuck into the small print and make sure you know exactly what you’re signing up to.
Then you can think about completing the process in five minutes.