The average UK household will spend around £60,000 on energy bills over a lifetime – almost double the average person’s pension money.
Analysis published today by uSwitch.com found households could save around £10,000 over a lifetime or £228 annually by switching to more competitive tariffs.
Over a third (37%) of people surveyed said they would use the savings towards a rainy day fund, 23% would pay off their debts and a fifth (21%) would put it towards the cost of a holiday.
Energy expert Tom Lyons said: “We are now spending double the amount of the average house deposit on our energy bills during a lifetime, yet consumers could easily save £10,000 by switching to a better deal.”
Energy UK which represents energy suppliers responded by saying: “Make it your New Year’s resolution to make sure you are on the best deal – click, call and switch in 2015 to keep household bills as low as possible. Over three million people switched last year and with more than twenty-five energy companies to choose from there are great deals to be had.”