Martin Lewis announces new energy bills switch tool which could help you save hundreds | Personal Finance | Finance
UK consumer website MoneySavingExpert.com has announced it will this week roll out the first ever energy auto compare-and-switch tool. The MSE Autoswitch service, which is the latest development for the site’s Cheap Energy Club, is said to be designed to “shake up the entire energy market”.
The website said the tool will make sure suppliers are no longer able to bank on people forgetting to switch once cheap deals end.
Unlike other auto switching services, the tool won’t bulk-switch those signed up, but instead effectively automate, speed up and simplify the individual comparison process which most people can do themselves.
Martin Lewis, founder of MoneySavingExpert.com, said: “For years on the telly, radio and in print, I’ve yelled, cajoled, ranted and tried to seduce the 11 million people sitting on the big six energy providers’ standard tariffs to ditch, switch and save, to stop them wasting £100s a year.
“Yet many languish with them out of fear and confusion.
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“At my TV roadshows, a constant refrain when I show people how to switch energy is ‘can’t you just do it for me?’ So years ago, I designed this auto compare-and-switch system, and while it’s been a long time coming to fruition, I’m so excited we’ve now built such a smooth, smart tool to make switching easy.
“The big problem people have isn’t doing a comparison, it’s picking a winner.
“Many have been burned in the past by switching to cheap tiddler firms, with dire service, and vow to never do it again.
“That’s why this isn’t just about autoswitching people to a generic, cheap-ish deal, as others have tried.
“It’s about autoswitching them to their personal top pick, and by doing it from the whole of the market, it means the results will likely be far cheaper too.
“My hope is this causes an energy revolution. Most energy firms launch cheap prices for a year, based on the idea that people will stick with them for at least another year once they’ve moved on to the higher price.
“Our system defeats that model, and if millions of people take that up, energy firms may have to be forced to change their pricing structures.
“So in future, we will aim to ask providers to offer special cheaper ‘retention tariffs’ to retain their own customers.”
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Even if the top pick is with one of the suppliers MSE can’t switch the individual to it will still show up as the top deal.
The website explains this would just mean MSE can’t auto switch the user next year, unless they rejoin them.
On the anniversary of the switch, the consumer website will contact the user with a new top deal based on preferences, with the recipient able to click to confirm their wishes and that details haven’t changed, should they want to switch.
The tool is free to use and should the user switch via the tool and MSE gets paid, then the user will get roughly half back as cash back – £25 for dual-fuel switches and £12.50 for single-fuel.
However, MSE warned while autoswitch could be a great tool for those wanting to stay on a cheap energy tariff, it may not be right for everyone.