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Save £312 through energy switching

Save £312 through energy switching

Category: Gas and electricity

Updated: 14/12/2016
First Published: 25/03/2015

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 It is now over 6 months old so the content may be out of date.

Have you switched energy supplier recently? If not, it could be time to consider it. Figures have revealed that over £38 million was saved by 130,000 households in just one month, averaging £312 each, and it's all thanks to switching energy supplier.

Take the Power to Switch

The figures came from analysis of the Power to Switch campaign, run by the Department of Energy & Climate Change (DECC), which encouraged people to consider their energy options, switch and save.

Overall, the total amount saved increased by 193% compared with the same period a year earlier, while the average saving for dual fuel switches (£312) was up by nearly 60%, which just shows how much you could save if you take the time to look. More people are taking the plunge, too, with the figures revealing an 80% increase in the number of households that switched.

Energy and Climate Change Secretary, Ed Davey, commented: "Our campaign has helped put millions of pounds back in people's pockets – and thousands have benefitted. A huge increase in switching in a four-week period shows that people want better deals from energy providers, and our reforms to the market have driven competition and made that possible."

These reforms have included reducing switching times to 17 days (down from five weeks last year), encouraging new suppliers (there are now 21 independent suppliers on the market), and legislating that energy companies must make bills clearer and provide information about how to switch.

The changes seem to have had the desired effect, and it's clear that people are heeding advice and taking advantage of the competitive deals available. Even though energy suppliers made headlines when they started cutting rates, it wasn't to any extent – and it was only on standard variable tariffs, too.

Far better deals can be found by switching, particularly if you swap a standard tariff for a fixed rate. You could easily save hundreds of pounds, so why not see what's out there? Follow in the footsteps of 130,000 other households and see how much you could save.

What next?

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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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