Over 650,000 people switched their energy provider in March as price cap hikes saw household bills rise.
The maximum energy firms are allowed to charge has risen, meaning millions of customers could be paying more if they do not switch their provider.
An increase in the price of energy pushed the price cap up £96 to £1,138 to pre-pandemic levels, meaning customers could be paying more for their energy from April.
Ofgem says the increase in the maximum level energy companies can charge will hit 11 million people in the pocket, causing a mass exodus from the new, higher tariff. Ofgem says customers can save up to £150 per year by switching and March saw 650,000 take up the option - the second highest ever month on record.
The figure for last month has leapt by 42%compared to February and is also 10% higher than March 2020.So far in 2021, 1,500,000 customers have switched supplier, which is 7% lower than at the same time last year.
Emma Pinchbeck, Energy UK’s chief executive, said: “Although always remaining healthy, switching figures have been notably more volatile over the past year – and after a slow start to 2021, we saw a big increase last month.
“Traditionally switching is at its highest at this time of the year - and it’s also likely that customers have responded to being advised to check they’re on best deal in light of the recent price cap rise.
“As ever a few minutes checking out what’s on offer from your own supplier and on the wider market, can really be worth your while - and those looking to ensure a hassle free switch should also see if their new supplier is signed up to the Energy Switch Guarantee.”
Energy switching services include LookAfterMyBills. The free services automatically switches you to the cheapest energy company, potentially saving you up to £290. You can also use MoneySupermarket to compare switching services.
