Brits distressingly confused over energy supply
If you’re letting out multiple properties with bills included in the contract, choosing a cost-effective and reliable energy supplier is essential. Yet in recent research conducted by Powershop UK, it was revealed that despite a round-the-clock connection with gas and electricity, our relationships with suppliers are somewhat confusing.
In Powershop’s survey of 2,000 Brits, it was revealed that 16% of people have never switched energy suppliers at all and almost half of people haven’t switched providers in two years. In fact, one in four people haven’t switched in over three years, suggesting that people are no longer shopping around for the best supplier.
The reason? A lack of clear and honest communication from suppliers. Only 2% of Brits know how to read an electricity dial meter correctly, while more than 1 in 5 do not know what the term dual fuel means. This lack of understanding could be leading to a bigger charge in bills, as well as not knowing how to use energy efficiently – both of which are significant when owning or managing multiple properties.
As a landlord, it can be exceptionally difficult to keep tabs on energy spending, especially if there are multiple people living in a property, such as in student accommodation. With no real control over how much energy is used and when, it’s vital to shop around and get to grips with exactly what deal is best for different types of usage.
Even if you’re not managing the utility bills for your properties, with the tenants organising everything themselves, it’s still important to think carefully about energy suppliers, as prospective tenants may ask to see copies of bills before agreeing to move in. While you may not have control over which supplier existing tenants choose, it’s wise to keep on top of things and shop around in between lets, or even give your tenants advice on which kind of energy deal works best for that
property. Judging by Powershop’s survey, tenants may not actually shop around themselves, so if you set up your property with a good energy supplier there’s a chance they’ll keep on with them anyway. This can only be a good thing, with shock energy bills being rated ‘extremely stressful’ to
occupants (more so than meeting a partner’s parents or asking a person out).
Shopping for the best energy supplier and deal can have many benefits within the property sector. It can help you bag something cheaper and in turn, lead to happier tenants and an all-round healthier bank balance. And who can argue with that?
You can read the full survey by energy suppliers Powershop here: ‘Does the UK need saving from its energy suppliers?’