Image courtesy of litlg
Moneysupermarket.com, Britain’s number one comparison site, has recently published the findings of research into the average cost of Britain’s energy supplies and the nation’s loyalty to their energy suppliers. The startling results have shown that the UK’s homeowners collectively waste £3.2 billion every year by remaining loyal to their region’s standard energy supplier.
Moneysupermarket.com also claim that, by using gas and electricity comparison sites like their own, bill payers could stand to save an average of 23 per cent – that’s a whole quarter off their annual bill. Emerging as the current leader in Britain’s energy price war, according to moneysupermarket, is British Gas, whose Websaver 11 tariff offers customers the best value across all but one of the regions studied by the price comparison moguls.
Consumers are warned, however, that British Gas’ Websaver 11 product could well be withdrawn any time soon, simply because a number of other providers have withdrawn many of their least expensive tariffs, forcing up the average price of Britain’s cheapest energy packages.
According to Ofgem, 57 and 58 per cent of those bill payers with electricity and gas and supplies, respectively, have never switched their energy supplier. The average saving amounts to as much as £265 a year, which accounts for that staggering figure of £3.2 billion nationally.
Bill payers in the East of England, for example, pay an average of £1,151 per year – if those who had never thought to switch moved over to British Gas’ Websaver 11, the move would save them £292 per year – that’s an incredible quarter off their annual bill.
Moneysupermarket.com’s utilities manager, Scott Byrom, commented: “In the days before the energy market opened up to competition, British Gas provided gas to all energy regions while electricity was provided by one regional supplier, for example London Energy in London which now falls under EDF Energy.
“Despite the greater choice available to consumers for both gas and electricity, the majority of UK households remain with the providers who traditionally provide their gas and electricity. Anyone still loyal to their incumbent supplier is over paying for their gas and electricity. At a time when all UK households are feeling the pinch from the rising cost of living, people are still burning money by not shopping around, using comparison sites and switching to a much cheaper deal. Finding the right tariff for your consumption level and region means bill payers could save on average £265 per year.
Mr Byrom also offered some sound advice regarding how bill payers can shave a few pounds of their energy bills, saying: “The best value deals available are the energy companies’ online tariffs. They enable consumers to pay monthly installments, record actual meter readings with an online account and cut out the need for estimated billing.
“Paying by monthly direct debit allows consumers to spread the cost of their energy evenly throughout the year and avoid the ‘bill shocks’ that come after the costly winter months when energy usage is at a peak. If households aren’t on this kind of deal they really need to act now. Times are still tough and even though the warmer months are on the way, there is never a bad time to start saving money on your energy bills.”