According to research commissioned by Ofgem, although Brits typically go out of their way to find bargains, 62% admitted to having never switched energy supplier.
The study is part of Ofgem’s ‘Be An Energy Shopper’ campaign which aims to create a simpler, clearer and fairer energy market for British consumers.
The survey was carried out by ICM, which interviewed a random sample of 5084 adults, across the UK, between 28 February and 9 March this year.
Consumers missing out on savings
The research highlighted British consumers’ love of a bargain, with 51% of respondents saying they would travel up to five miles in order to save £20. In stark contrast, 45% did not think they could make significant savings by switching energy providers. A further 24% said they thought switching supplier would be “too much hassle”.
The findings underline the need to get more people switching, especially as there is currently a difference of close to £300 between the cheapest and most expensive energy plans.
In addition, independent suppliers Ovo Energy and First Utility have recently launched sub-£1,000* energy deals, the cheapest the market has seen for the past two years.
Energy shopping Infographic
‘It has never been easier to go energy shopping’
Speaking on the campaign, CEO of Ofgem Dermot Nolan said: “We shop and compare prices for many things in life, yet we often don’t think to do the same when it comes to our energy bills, even when we could be saving around £200 a year.
“Previously, people found it difficult to compare tariffs and the process too time consuming but the recent reforms have changed things for the better. With the introduction of ‘Be An Energy Shopper’ it has never been easier to go energy shopping and get a better deal on your gas and electricity.”
CEO of First Utility Ian McCaig agreed, and added: “We all spend time shopping around to save pennies on everyday items like food or petrol, but we’re often missing the opportunity of saving hundreds of pounds by not considering our energy spend.”
*Based on a medium usage customer using 3,200 kWh of electricity and 13,500 kWh of gas paying by direct debit with bill sizes averaged across all regions.