9 Jan 2017

National Cut Your Energy Costs Day 2017


Tomorrow is National Cut Your Energy Costs Day. 

With 45% of Brits having never switched energy provider, why not make it a New Year's resolution to save money on your energy bills.

To coincide with National Cut Your Energy Costs Day 2017, Gocompare.com Energy investigated consumers’ relationship with switching energy in 2016.

Taking a look back at how much the average household spent on energy in the past year and what puts so many Brits off switching, Gocompare.com Energy can reveal that 45%* of Brits have never switched energy provider.

A recent survey conducted by the comparison site identified the reasons that are stopping so many Brits from switching, including answering too many questions or having to provide too much information (28%). A quarter of respondents also said the process of changing providers or products was too complicated, while 32% said the switching process took too long*.    

However, according to Ofgem, a greater proportion of consumers are finding it easier to compare tariffs in 2016 (43%) than in 2014 (37%) and the proportion of consumers who are aware of all of their options in the energy market has increased from 75% in 2014 to 80% in 2016*.

When it comes to making the switch, consumers say they need to save an average of just under £300 per year to change their supplier or tariff. These expectations are similar to those from 2014, despite energy bills reducing for many consumers.

For a typical customer paying by direct debit, the annual price of the cheapest tariff on the market fell from around £900 at the beginning of 2015 to less than £750 in the first quarter of 2016. As a result, the size of the difference between the cheapest fixed-term tariffs and standard variable tariffs (SVTs) increased.

As of 28 April 2016 the average SVT annual bill for the six large suppliers^ was over £300 higher than that of the cheapest fixed tariff available in the market, for a customer paying by direct debit and with typical consumption. 

Ben Wilson, Energy & Home Services Product Manager at Gocompare.com said: “When it comes to saving money, Brits are always on the hunt for the best bargain, but it seems the perceived hassle of switching energy providers often deters many of us from cutting down household bills.

“Nobody likes paying more than they have to, especially for everyday needs such as energy. Cutting your costs is all about both taking the time to review what items you’re leaving switched on at home, but also looking at what other deals are out there. We recommend Brits check their energy consumption and bills thoroughly each month and look to switch at least once a year.”

To find out more about how to cut down your energy costs during winter please visit: http://www.gocompare.com/gas-and-electricity/winter-saving-stats/

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*Statistic correct as of 9th May 2016
^’Six large suppliers’ refers to the former gas incumbent (British Gas), and the companies formed from the former regional electricity incumbents (EDF, E.ON, npower, ScottishPower and SSE)

Written inconjunction with gocompare.com


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Anthony is a SEO, Social Media and Money Saving Blogger | Business Development Manager | Husband | Father to a noisy toddler | Optimistic | Boundless Enthusiasm | Fortunate!

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