Solar Panels and Battery storage, the new energy bundle
In a couple of my previous blogs I’ve talked about how the very largest energy suppliers are challenged not just by the range of competitors they are now facing, but also by the overall costs they bear versus the those other market participants. This challenge is rapidly forcing change. Firstly those large suppliers are attempting to grab control of their controllable costs; ultimately this will likely mean further reductions in their headcount. Secondly and of potential benefit to their customers, they are being forced to innovate.
This is clearly good news all round, but is especially welcome for those customers who are looking to take part early in what will probably look like an energy revolution, as the move towards more locally generated energy takes hold. A solid example of this is the venture formed between Lightsource and EdF Energy called Sunplug. They have come together to offer solar panels, battery storage and long-term price guarantees. You can read more on it here in a great article by Miles Brignall: https://www.theguardian.com/money/2017/aug/12/edf-free-solar-panels-buy-power-generated-20-years
In a market place of over fifty competitors, where most are attempting to differentiate on price its likely we will start to see much more innovation in the coming months and years. You can also expect the concept of “bundling” to arrive once providers are more confident in service delivery and that the market regulations become more predictable. By bundling I mean energy being offered alongside other home services, this could be broadband, insurance or even wrapped up with you mortgage costs. To date large UK brands that might be in a position to offer this kind of service have, understandably, been put off by the historically poor public perception of energy suppliers. This won’t last.
The other big driver for change will be the availability and sheer amount of data that Smart metering will bring. It therefore doesn’t take much imagination to see a world whereby data driven organisations somehow step into the energy market. Google managing your in home energy demand? Amazon selling you battery storage solutions?
Whilst we dream of the type of innovation this will bring, its important not to sit back and wait. You can take action now to ensure you’re on the right tariff for your home. As I’ve talked about before if you are already on a Standard Variable Tariff, you will not face a financial penalty for switching. You should also not be put off by the process; typically it takes 21 days and as I wrote about in my last blog you can be assured by the Energy Switch Guarantee.
Why not start that journey now and get a quick quote here: http://www.switchingenergy.co.uk