Energy supplier switching rates for July increased to their highest levels in two years, the latest CRU Customer Switching Report for the electricity and gas retail markets shows.
The CRU said the total number of customers switching electricity suppliers jumped by 51% to 34,791 in July, from 23,039 switches the same time last year.
The total number of customers switching in gas was 10,575 in July, an increase of 32% from July last year, when 8,011 customer switches were made.
Based on CRU data collected from accredited price comparison websites, the average customer can save between €300-€400 if they switch supplier or renegotiate with their current provider.
It said that active customers who switched supplier or renegotiated with their current supplier every year for the last two years could have saved €385 on gas, €663 on electricity or €1,261 on their dual fuel costs.
The CRU warned that by only switching once and not looking at which plan is best suited after the expiration of their discount tariff, customers are losing out on a significant amount of potential savings.
"Time of Use tariffs continue to represent some of the best value that customers with a smart meter can currently avail of. These tariffs are often cheaper and provide customers with better insights into electricity consumption," it added.
Karen Trant, Director of Customer Policy and Protection, said that with recent price decreases, customers should actively review their energy bills and look at all offers that are available from suppliers.
"If a customer is out of contract with their supplier, renegotiating their current tariff or switching supplier to receive a better deal can help offset the price of their energy bill. Price comparison websites can help customers work out the best price plan and energy supplier for them," she said.
"Customers can use one of the three CRU accredited switching websites, www.bonkers.ie, www.powertoswitch.ie, or www.switcher.ie to compare offers and switch suppliers," she added.
