Energy Switching Saves Brits £30m in One Month
May 14, 2015
A campaign designed to encourage UK households to switch their energy suppliers has yielded remarkable results within a matters of weeks, according to the Department of Energy & Climate Change.
The so-called ‘Power to Switch’ campaign has seen thousands of Britons changing their energy suppliers and saving money in the process.
In fact, as many as 130,000 households are believed to have switched suppliers and made savings on their utility bills in the month after the initiative was launched in mid-February.
According to figures from Ofgem, the UK’s energy industry regulator, there was an 80 per cent jump in the number of British households switching their suppliers during the month as compared with the same period a year ago.
Switching to more competitive energy supply deals is estimated to have resulted in savings worth a collective total of some £38 million in the month, which represents an increase in total savings of 193 per cent year-on-year.
In addition, the switching activity is thought to have yielded much larger savings per household, with the average saving made between mid-February and mid-March up almost 60 per cent as compared with 12 months earlier.
The average saving made by households that switched their suppliers of gas and electricity shortly after the launch of the Power to Switch campaign is estimated to have been around £314.
Consumers across Scotland, England and Wales are being encouraged to investigate their options with regard to energy supplies with the help of the website www.BeAnEnergyShopper.com, which has received in excess of 350,000 visits to date.
“Our campaign has helped put millions of pounds back in people’s pockets – and thousands have benefitted,” said the government’s energy and climate change secretary Ed Davey. “A huge increase in switching in a four week period shows that people want better deals from energy providers.”
“What a terrific response to our campaign – thousands are better off and taking advantage of more competitive deals on the market,” added Amber Rudd, energy and climate change minister.
Most of the UK’s leading suppliers of gas have pledged to cut their prices significantly since the beginning of 2015 as a result of the falling costs of wholesale gas prices across Europe.
E.ON, Scottish Power, SSE and British Gas all made similar commitments to cut their prices to customers across Britain, which has helped make switching energy suppliers a potentially significant money saving option in recent months.
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