Millions missing out on energy bill savings - Gas and electricity - News - Moneyfacts

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Millions missing out on energy bill savings

Millions missing out on energy bill savings

Category: Gas and electricity

Updated: 19/01/2012
First Published: 19/01/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Homeowners have been urged to better insulate their homes and check they are on the best tariffs to bring down the cost of their energy bills this winter.

The call comes from Consumer Focus and Energy UK during Big Energy Week, with millions of people thought to be missing out on easy ways to make big savings for little or no cost.

It is estimated that taking advantage of free or discounted loft and cavity wall insulation offered by energy suppliers can save an average £120 off a heating bill each year.

At the same time, switching the payment method to direct debit alone could save around a further £100 each year.

Almost 10 million homes could improve their loft insulation, while 7.8 million do not have enough cavity wall insulation, the equivalent of one in every four homes.

Although every major supplier is offering free or cut price deals for loft and cavity insulation, only half the eligible households are taking up such deals.

Meanwhile, only one in five people are fully confident that they are on the best deal that their energy supplier offers.

However, almost seven out of ten people said they would be likely to switch tariff or payment type if their supplier told them they could be on a cheaper deal.

Mike O'Connor, chief executive of Consumer Focus, said with one simple call to their energy firm, many customers could make big savings on their bill.

"Changing to a cheaper tariff or payment type can cut your costs," he added.

"Many people also don't realise that energy companies offer free or discounted insulation -and it's a waste not to take advantage of these offers which could shave well over £100 off your bill every year."

The call comes just days after each of the Big Six energy companies reduced either their gas or electricity tariffs for household consumers.

The cuts are due to come into effect over the course of the next few months.

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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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