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More than half of UK households are overpaying for their energy

More than half of UK households are overpaying for their energy

More than half of Brits could still be overpaying for their gas and electricity, according to the latest figures from the Energy Switch Guarantee.

Why pay more for the same energy?

Switch to a better deal today!

The research found that 52% of UK households had not switched their energy tariff in the past four years, potentially missing out on £477* in savings each year.

Of the 48% that have switched their energy deal in the past four years, many could still be on a better deal by switching more regularly. Last year just one in five people switched their energy supplier. Those who haven’t switched in the past 12-18 months are likely to be on their supplier’s standard variable tariff, which is typically the most expensive type of energy deal.

Two in five (39%) of those who haven’t switched said they were happy with their supplier’s service. However you can still get a better deal while sticking with your current supplier - just switch to one of their cheaper tariffs rather than paying over the odds for the exact same energy on their standard variable tariff.

Price cap doesn’t guarantee a good deal

In April this year, Ofgem’s price cap rise pushed the cost of standard variable tariffs up to an average of £1,254. But with wholesale energy prices dropping significantly, there are plenty of cheap fixed energy deals on the market which prevent the rate you pay for your energy from increasing for another year or more.

The cheapest fixed deal currently available on the market is £381 cheaper than the average standard variable tariff.

When asked about the energy price cap, seven in 10 (70%) energy customers said that they have heard about it but four in five (78%) said that it wouldn’t affect their switching behaviour.

Pamela Taylor, Independent Chair of the Energy Switch Guarantee said: “My advice to consumers is not to rely on the price cap for a fair deal when they can switch supplier for a better one and potentially save hundreds of pounds.”

Easy switching process

More than eight in ten (83%) of people who had switched energy supplier said they were happy with the switching process.

The Energy Switch Guarantee, which provided the latest switching figures, is a voluntary industry initiative aiming to ensure the switching process is hassle-free and quick for consumers.

Pamela Taylor from the Energy Switch Guarantee said: “It is encouraging that 83% of consumers say that they’re happy with the switching process especially when record numbers of customers continue to switch every month.

Why pay more for the same energy?

Switch to a better deal today!

* Save up to £477 on your energy bills: Between 1 Jan 2019 and 30 June 2019, at least 10% of people who switched energy supplier for both gas & electricity with Uswitch.com saved £477 or more.

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