A recent survey commissioned by Tomato Energy, a UK energy supplier, has highlighted that one in three billpayers are in favor of utilizing smart meters to develop personalized tariffs to help them save on energy costs. Conducted by Censuswide in June with a sample of 2,011 homeowners across England, the survey revealed that approximately 55% of respondents believe energy suppliers should take the initiative to ensure customers are on the most affordable tariff available.
Additionally, a significant portion, nearly 33%, expressed a desire for energy companies to leverage smart meter data to create tailored tariffs that could lead to further savings. The findings also underscored a worrying sentiment among consumers: about 25% of decision-makers in households doubt whether their suppliers consistently provide the lowest available rates.
Moreover, nearly 40% of individuals responsible for selecting energy providers were unaware of the tariff they were currently subscribed to. Notably, Tomato Energy claims to be the first provider in the UK to offer customized tariffs based on smart meter data, setting a precedent in the energy market.
Farouk Alhassan, CEO of Tomato Energy, noted, “We aim to disrupt the domestic energy market. Historically, the extensive data from smart meters has mainly benefited energy companies by eliminating the need for manual meter readings. Now, we’re harnessing this data to create personalized tariffs tailored to the distinct needs of each customer, ultimately saving them time and money. Whether someone works from home or has a demanding night shift, it’s crucial that smart meters start working in favor of consumers.”
The survey results also revealed that many consumers find the process of seeking alternative energy suppliers daunting; 54% described it as too time-consuming, 53% as overly complex, and 50% as quite stressful. In fact, 42.9% of participants indicated that switching energy providers is a task they find even less enjoyable than visiting the dentist. These statistics underscore a growing discontent with the current energy marketplace, where the perceived hassle of changing suppliers often overshadows the potential for savings.
Alhassan added, “Many customers remain with their existing suppliers not out of satisfaction, but because they believe it’s not worth the time and effort to explore other options. Years of underinvestment in the sector have led to reliance on outdated infrastructures, resulting in inflexibility and frustration for customers across the nation. Our survey revealed that it takes households nearly two hours to make a decision about switching suppliers, a process that could be significantly streamlined.” He concluded, “By embracing modern technology, we can transform our energy systems for the future. This change will empower customers to take full advantage of their smart meters, providing a personalized experience that ensures they are benefiting from the best possible tariff for their lifestyle.”
