51% of businesses consider switching energy supplier too complicated and 35% don’t trust energy suppliers.
But why? Our survey reveals all
When you consider that all energy is the same no matter where it comes from, the fact energy prices can vary substantially between suppliers is intriguing.
Even more intriguing is that despite there being clear price differences, 50% of businesses never switch. This means 50% of businesses could be missing out on energy savings.
With climate change and sustainable business practices hot on the agenda, and many suppliers not offering 100% green energy, this fear of switching also means businesses are missing out on a big opportunity to slash their carbon footprint.
To get to the bottom of why businesses are reluctant to switch, we conducted a survey in collaboration with Censuswide of 500 UK SME owners in the private sector. We wanted to understand why businesses are reluctant to switch and get to know their thoughts on green energy in the face of ongoing climate change discussion.
Switching energy is too challenging
Historically, switching has been a pain. The process is not always clear and plenty of businesses would rather stick than twist for convenience’s sake. This isn’t helped by several suppliers not explaining the switching process.
Our survey reveals that 51% of businesses consider the process of switching energy to be more challenging than tooth extraction, firing people, running a marathon, climbing a mountain, implementing pay cuts or moving home.
Trust in the energy sector is a challenge
35% Don’t trust energy suppliers; 26% Don’t trust energy brokers
The energy sector doesn’t have the best relationship with businesses. There is a lack of trust in the sector, and for a long time this has been linked with lower than optimal levels of switching among businesses.
Our survey reveals that 35% of SMEs are reluctant to switch their energy provider because they believe energy companies will overcharge them, and 26% of businesses are reluctant to switch their utilities provider because they don’t trust brokers.
Green energy is becoming more important for SMEs
70% Care about green energy; 44% Expect 10% savings from “going green”
Businesses are becoming increasingly aware of their environmental impact and are taking more steps than ever to become carbon neutral. One of the most significant changes a business can make is switching to green or renewable energy.
Our survey reveals that 70% of businesses care about green energy and believe that within the next 10 years, businesses will not give business to ‘non-green’ suppliers, while 42% of businesses believe this behaviour could happen in the next 5 years.
44% of survey respondents anticipate 10% savings if switching to green energy, but they also feel it’s too costly or don't know how to switch.