Up to £2.7bn up for grabs by switching energy supplier

16th February 2015

img

Some 13.5m households across the UK are collectively missing out on their share of £2.7bn by not looking for a better energy deal.

By shopping around and taking advantage of the best energy deals on the market, millions of people can save around £200 – and some can save even more.

The Department of Energy & Climate Change’s The ‘Power to Switch’ campaign, launched this week is encouraging people to switch supplier and save money by visiting www.BeAnEnergyShopper.com.

With 26 energy companies on the market there are now some fixed deals £100 cheaper than they were a year ago.

Launching the campaign, Energy and Climate Change Secretary Ed Davey said: “When it comes to switching, the power is in people’s hands to get a better deal and save. We’ve reformed the market so that there are more suppliers, more competition, and a much faster and simpler process to switch. That means millions of people can switch supplier and save hundreds of pounds today.”

The Government’s programme of energy market reform includes:

Ofgem has recently strengthened its Confidence Code for price comparison websites, setting tighter standards on how tariffs are displayed with websites given until the end of March to comply.

Commenting on the launch of the campaign, James Padmore, head of energy, at comparethemarket.com said: “It’s great to see the Government get behind consumers and help to encourage people to switch energy providers. The message is clear – people can potentially save hundreds of pounds by spending a few minutes comparing tariffs and changing provider.

“Although switching time has been brought down from five weeks to 17 days – with most providers participating – we would like to see this reduced further still, to 7 days. This would further encourage people to switch and with the Big Six suppliers only offering tiny cuts recently, the smaller providers are getting ever more popular and competitive. Our research shows that tariffs from Co-operative Energy, first:utility and extraenergy were amongst the five most popular in January.”

Leave a Reply

Your email address will not be published. Required fields are marked *