Switching energy suppliers is one of the easiest ways to save money on your gas and electricity bills.
In the UK, households that switch energy providers save an average of £217 per year, simply by choosing a cheaper tariff. The millions of UK residents who have never switched providers, or have not switched recently, are likely to be overpaying on their energy bills unnecessarily. In fact, if all of the un-switched UK households ran comparisons of the whole energy market – comparing both the Big Six and smaller suppliers – they could collectively save more than £1.5 billion each year.
There are a number of ways that switching your energy supplier or tariff could save you money.
If you are currently paying separate suppliers for your gas and electricity supply, it is likely that you can save by switching to a dual fuel deal, where both your gas and electricity come from the same supplier. Because those on a dual fuel tariff receive all of their energy through just one provider, the supplier usually offers customers loyalty discounts.
However, it’s also possible that you could save more on your energy bills by having a single fuel tariff each for your gas and electricity. Research conducted by UKPower.co.uk in September 2014 found that as much as £55 per year could be saved if households chose to have two separate gas and electricity tariffs. This saving could be more substantial depending on the region customers are living in – for example, households in the south west of England are able to save up to £77 by having single fuel tariffs.
With this taken into account, it’s recommended that you take the time to compare dual fuel against single fuel tariffs directly to see which option provides you with the best deal for your circumstances.
It’s also possible to save by changing to a fixed tariff, wherein you can ‘fix’ your energy prices to a set price, guaranteeing that they won’t rise for the duration of your contract (usually one or two years). The cost of energy isn’t getting any lower, with the average bill from any of the Big Six energy companies currently standing at £446 higher than just five years ago – and if prices do continue to rise, then a fixed tariff could protect you against this for the duration of your contract.
If you would like to find out exactly how much you could save by switching your gas and/or electricity tariff or supplier, simply enter your details into our postcode form above, or give us a call on 0800 320 2000 to speak to one of our savings experts.