Energy consumers ‘snoozing on the best deals’

Around 13 million UK households could have saved money by switching their energy suppliers last year. However, rather than keeping an eye on tariff rates and energy usage, consumers seem […]

Register now!

By Jonny Bairstow

Around 13 million UK households could have saved money by switching their energy suppliers last year.

However, rather than keeping an eye on tariff rates and energy usage, consumers seem to be assuming they’re on the best deal, a new survey states.

According to Energy Saving Trust (EST), a large number of consumers are on “energy autopilot” as it found nearly 60% of non-switchers believed they were on the cheapest tariff available, which it claims is unlikely.

Ofgem figures show switching could save up to £300 each year if consumers shop around.

The survey also found consumers are more than twice-as-likely to change their home insurer than energy provider, with 24% of households having switched at least four times in the last decade.

Philip Sellwood, EST CEO said: “Many bill payers are missing out on substantial annual savings because they assume they are on the best tariff without actually checking. Prices fluctuate every year so by not switching and being on ‘Energy Autopilot’, consumers may be sleepwalking towards having less money.”

The figures have been revealed ahead of Big Energy Saving Week, a UK-wide campaign between the EST, Citizens Advice and the Department for Business, Energy and Industrial Strategy (BEIS).

It will run from 31st October to 6th November throughout the UK, offering advice on reducing energy costs and helping people keep their homes warm.

The energy market will be part of the discussions at the Energy Live 2016 conference in London next week. Join in the discussions using #EL2016.