Do people really care about energy prices?

Almost 40% of UK consumers don’t know how much they pay each year on energy. According to a recent survey, conducted by moneysupermarket.com of their customers, many Brits could be […]

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By Tom Gibson

Almost 40% of UK consumers don’t know how much they pay each year on energy. According to a recent survey, conducted by moneysupermarket.com of their customers, many Brits could be paying over the odds through indifference.

Of 3,000 people questioned over 20% who pay monthly have no idea of the total cost of their bill for the year with a further 16% revealing that they had no idea at all of their energy costs. Moneysupermarket warn that not knowing a household’s expenditure on utility bills could result in an overspend of around £400 when the most expensive tariff of £1,391 was compared to the current cheapest at around £980.

Scott Byrom, utilities manger at moneysupermarket.com said consumers had to get a grip: “The message is simple – for a medium user, if you pay more than £37 for your electricity and more than £51 for your gas per month, then you are potentially paying too much and should be looking to switch to a better tariff.

“Shopping around using a price comparison site for the best value energy product is vital and I urge everyone to check their bills and act quickly as the best priced products are unlikely to be available for long.”

Statistics show that only 17% of energy customers switch their tariffs each year, experts think the vast majority of bill payers could benefit from knowing which tariff is better suited for them.