Households who fail to compare different energy rates could be missing out on savings of up to £170 a year, new figures show.**
Ofgem, the UK energy regulator, is urging Brits to compare the market for better deals on their energy bills.
In partnership with Citizens Advice, they have launched an Energy Best Deal campaign online so consumers can get impartial advice on how to keep the cost of energy as low as possible.
They already state over 60,000 people have benefited from the Deal. The advice they receive includes information about energy rights, how to deal with energy companies, how to deal with doorstep sales people, debt and disconnection, and how to get help for those struggling to pay energy bills.
"Our latest research shows that consumers who are not active in the market are paying on average around £170 a year more than they have to,” said Sarah Harrison, Ofgem's senior partner for sustainable development.
"Consumers should still take advantage of recent improvements like annual statements and the advice in these videos to help reduce the cost of their energy.”
Ofgem's research showed energy companies make higher profits from consumers who do not switch deals, with four out of five consumers at risk of paying more for their energy than they need to by simply not being actively engaged in the market.
"At a time when utility prices are once again rising, it is particularly important that hard pressed consumers don't spend more than they need to,” added John Rhodes, Citizens Advice, head of financial capability.
Energy Comparison Service
As the research shows, not switching provider can see households lose out on valuable savings. For those who are keen to lower their bills, the MoneyMaxim Energy Comparison Service could be a useful aid.