Energy UK has released figures showing that the number of customers switching their electricity supplier has risen by 14% this year. Ben Wilson from GoCompare Energy comments:
“People are getting the message that the best way to lower their energy bills is to switch to a better value tariff. Since British Gas announced at the beginning of this month that it will increase the cost of electricity on their standard variable tariff by 12.5%, we have seen the number of people moving away from British Gas increase by more than 150%.
“Those who have switched from British Gas to a cheaper tariff through GoCompare Energy so far this month have saved on average £103 on their electricity bill and £168 on their gas bill annually.*
“In a recent in-depth study we calculated that households that don’t switch their energy are over £925m a year worse off**. That’s a staggering figure but it’s not difficult to see how that number adds up. The difference between Ofgem’s average annual household dual fuel bill of £1,292 and the current ‘best buy’ tariff from IRESA is over £458 a year. That’s enough to pay for a mini-break abroad or a few sets of new school uniforms for what is basically the same electricity through your sockets and the same gas to your boiler.
“The increase in switchers is great news but this is no time for complacency. There are still around 17 million households on energy companies’ standard variable tariffs, which generally offer the worst value***. If they all switched to a better deal they’d be keeping money in their pockets rather than paying it to the ‘big six’ energy companies. Loyalty only pays if you’re the one sending out the bills.”
Top ten cheapest dual fuel energy tariffs (medium user, averaged across all regions:
|Supplier||Tariff||Type||Exit fee||Annual cost|
|Iresa Limited||IRESA Flex4 12 month Fixed Direct Debit||Fixed||No||£833.72|
|Iresa Limited||IRESA Flex4 Standard Variable||Variable||No||£833.72|
|Economy Energy||Online Saver||Fixed||£25 per fuel||£843.97|
|Breeze Energy||Breeze Fixed 1 Year Saver||Fixed||No||£847.53|
|OneSelect||Secure 1 Year Fixed||Fixed||No||£849.56|
|Avro Energy||Simple and Value||Fixed||No||£856.52|
|Extra Energy||Shine Fixed Price Sept 2018 v2||Fixed||£50 per fuel||£856.81|
|Igloo Energy||Igloo Pioneer||Variable||No||£857.89|
|Together Energy||Together Fixed Aug18 v2||Fixed||£30 per fuel||£859.73|
- ENDS -
Notes to editors:
*The average annual saving for users of GoCompare’s energy switching service in August 2017, who switched from British Gas to another energy tariff, was £167.83 for gas, and £102.76 for electricity.
** Populus carried out the research on behalf of GoCompare. Populus interviewed a nationally representative sample of 5,000 online respondents aged 18+ in Great Britain between 16 and 21 May 2017.