5 reasons you may sleepwalk into high energy bills

An investigation by the Competition and Markets Authority (CMA) has confirmed that SMEs and micro-businesses are being routinely overcharged for their energy bills.

The investigation found that 45% of SMEs and micro-businesses are on pricey default rollover tariffs, paying well above the odds for their gas and electricity.

Following their investigation, The CMA has recommended that suppliers end expensive automatic rollover tariffs and reduce termination fees. They also want to encourage businesses to switch suppliers, even suggesting that micro-businesses be included in a database that will be searchable by rival suppliers.

In both business and domestic energy markets, consumers are being encouraged to switch suppliers. However, many still don’t bother.

Why? Well, there are a few reasons. Do you recognise any of them?

1. It’s less effort to go with the status quo

Rolling over onto a default tariff is the path of least resistance, and might be seen as preferable to reading the small print on contracts. Energy paperwork can be confusing at the best of times, with renewal windows and potential termination fees to deal with.

2. You’re just to busy

Small business owners already wearing multiple ‘hats’. Adding energy comparison into the mix can seem like one responsibility too many. There are now so many energy providers out there – from the big six to small providers – that gaining a comprehensive view of the market is a weighty task.

3.You don’t know why, but you just don’t do it

Switching energy provider is akin to saving energy – it’s something you know you should do, but somehow it just doesn’t happen,. According to consumer psychologist Philip Graves,  the reason for this is hard-wired into our brains. The savings promised by switching energy providers aren’t instant – you won’t see the money in the bank tomorrow, or even in a week’s time. That makes them harder to imagine and therefore less attractive.

What’s more, we don’t really think about our energy supplier that much, and when we do it’s usually in a negative way – e.g. after news stories about price rises and rip offs . This makes us think of energy itself as a depressing topic, and therefore we become resistant to thinking about it at all.

4. You don’t believe in the savings

You may be sceptical about how much you could actually save – which is a real shame considering that some businesses can save up to 70% on their bills by switching to a cheaper tariff.

5. You think it’s too complicated

You may be overestimating the effort it takes to switch. Yes, if you try and do everything yourself things can get very complicated very quickly. However, by using an impartial broker you can streamline the process, and let somebody else do the legwork.

Whichever reason applies to you, there really is no reason not to compare energy tariffs. Our process is quick and easy – just fill in the online form to get your quote, or give us a call on 0800 411 8830.  Our expert switchers know the energy market inside out, and will do find you the best deal possible, with minimum fuss. What do you have to lose? 

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