Many people feel underappreciated by their energy supplier, but most people don’t realise that by shopping around and switching energy supplier they can save hundreds of pounds over the course of a year. The process of switching is much simpler than many imagine.
Just 10% of the 22 million gas customers in the UK switched last year, and only 11% of 29 million electricity customers. Moreover, research by energy regulator Ofgem suggests that 60% of people have never switched. This is despite the fact that the average household could save up to £200 a year on the average combined bill of £1,265.
One of the experts Prospect is partnering with to develop the new service is Sarah Willingham, founder of Letssavemoney.com and a former winner of Business Weekly’s entrepreneur of the year. Says Sarah: “The thought of switching energy suppliers might fill you with dread but the reality is that by making a quick 10 minute call to an Ofgem-accredited energy comparison service like Power UK, you can get all the information you want. All you need is your current bill, and you’ll never be without energy during the changeover.”
She adds that switching to a fixed rate deal can not only save you money but also ensure you’re not faced with any nasty surprises. “These kinds of rates freeze prices for a certain period with most companies currently fixing their tariffs until 2016,” explains Sarah, “The best tariffs we’ve found are with Scottish Power, first: utility and Sainsbury’s Energy, who all have their average bills at less than £1,000.
“Remember though that it’s not always cheaper to go for a dual fuel option, so be sure to check individual prices and get quotes for both.”
There may be other ways to save even more money on your energy bills. Many energy suppliers now offer free home insulation and you don’t have to be a customer to take advantage. Eligibility is based on your home rather your income – regardless of whether you own or rent – meaning 90% of UK homes qualify. Depending on the type of property, cavity wall insulation could save you up to £275 a year while loft insulation could save £240 for a total saving on energy bills of more than £500 a year.
The best way to keep bills down is to be proactive and constantly check the market. The good news is you don’t have to spend time doing it yourself thanks to Prospect Extra which will save money on your energy, insurance, broadband, mobile and more with information and competitive deals exclusive to members.
To find out more about saving on your energy bills or other great value opportunities to save, you can pre-sign up to the Prospect Extra service by emailing “Prospect Extra” to firstname.lastname@example.org