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Nationwide talks up benefits of energy switching tool

Nationwide talks up benefits of energy switching tool

Nationwide Building Society says 2700 customers have signed up to a six-months' free energy switching service on its Web site, with a third opting for green tariffs.

The service is provided by Switchd, an energy comparison startup that Nationwide invested in two years ago.

The company's energy comparison tool constantly sweeps the market for the cheapest deals and automatically switches suppliers for customers if it finds a better tariff.

For customers worried about the impact of climate change, Switchd also allows people to switch solely between green energy suppliers. This follows Nationwide's pledge earlier this year to make £1 billion available to reduce the carbon footprint of Britain’s homes.

Claire Tracey, Nationwide’s chief strategy and sustainability officer, says: "Thousands of our members have already saved on average £248 on their annual energy bills by switching. Not only are our members saving money, but a third are also helping cut emissions by choosing green energy tariffs - collectively reducing significant amounts of carbon.”

Switchd factors in any exit penalties that may be payable for leaving a deal early to ensure this doesn’t wipe out the benefit of switching. Customers are also emailed as they start the switching process and have a two-week period to cancel the switch if they change their mind.

After the initial six month fee-free service, users can continue with one of Switchd’s paid-for plans, which start from £1.99 a month. A free version is also available, which gives subscribers access to suppliers that pay a commission.

Comments: (1)

Hitesh Thakkar
Hitesh Thakkar - SME - Fintech startups (APAC and Africa) - India 30 March, 2021, 13:21Be the first to give this comment the thumbs up 0 likes

This is another digital service business case which serves citizen with ESG agenda.

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