Many people underestimate the savings that they could achieve by switching energy providers which deters them for looking into the process. Don’t be put off, you could well save a lot more than you think!
Unfortunately it is pretty difficult to work out a perfect headline figure as it obviously depends on individual household usage, current tariff and payment type - which is why you really need a recent bill to get a good estimate.
The £300 a year estimate on the Energy Buyers’ Club website comes from early findings from the recent Competition and Markets Authority study. The final report estimates average savings of up to £330 for customers switching from standard charges to direct debit and more conservative estimates of around £250 for those already paying by Direct Debit.
Last year Ofgem estimated average savings of around £250, but have now increased that estimate to £300 in light of rising prices. Remember, these figures are averages. If you use more gas or electricity you are likely to save more money.
So, is around £300 a year enough of a motivator to spend 15 minutes filling in your details online? Read our guides on finding your supply details and usage figures here.