British householders are realising the Big Six energy companies aren’t offering the best value.
That’s according to new research, which reveals 7.1 million customers joined independent power companies in the last five years.
Around 2.2 million households switched to smaller suppliers in the last 12 months saving hundreds of pounds in the process.
The Big Six dual fuel market share has dropped from 99.3% in 2011 to 82.6% this year, Cornwall Energy states.
The number of customers who signed up to a dual fuel tariff from an independent energy provider has grown by 9% every quarter in the last year.
It claims there are still 70% customers with the Big Six “stuck on the most expensive tariffs and overpaying by £293” compared to the cheapest deals available.
First Utility is the leading challenger energy company, according to Cornwall Energy which adds it holds one in four independent dual fuel accounts.
Ian McCaig, CEO, First Utility said: “So much progress has been made over the last five years as more people have come to realise that paying more than you should for energy simply isn’t right. Faster and easier switching has helped encourage people to move with confidence to independent providers who offer better prices all of the time, treat their customers fairly and communicate openly and often about the best deals available to them.
“But much remains to be done. Millions of people still pay far too much and are stuck for all sorts of reasons on ridiculously expensive Big Six standard tariffs.”
According to a report by Which? There’s a £329 gap between average Big Six and cheapest tariffs.