Why Switching Your Energy Provider Is the Easiest Way to Save Money

August 27, 2015

Including mortgages, the average household debt in the UK is an enormous £53,961 so it’s no surprise that the amount of people opening ISAs and savings accounts is at its lowest since 2006. Whilst many people can’t quite afford to open a savings account, there are ways in which money can be saved simply by either cutting back or shopping smartly.

One of the easiest ways to cut back and save money is by getting rid of things you don’t really need or use. If you’re the kind of person who makes a new year’s resolution to get fit, goes to the gym once and then decides pizza is a much better alternative, you’re not alone. There’s approximately one million people with gym memberships who don’t use them and are wasting as much as £480 a year, a significant chunk which could go toward saving. The gym isn’t the only thing you could cut back on, there’s also mobile phone contracts, subscription services like Netflix (the separation will be hard but you can do it!) and your weekly food shop.

However the best way to significantly save money year on year is by shopping around for your energy provider. Statistics from EnergyUK show that last year 1.3 million people switched from a big provider to a small one which has forced the hand of The Big Six to lower their prices, good news for us consumers.

Lower prices means that it’s prime time for switching, if you’ve never switched energy provider you could save as much as £400 a year! Comparison tools are a great way to find the cheapest deal for you and you can find a great one on letssavemoney.com which tells you exactly which providers will charge what in your postcode. The average savings over the last 3 months when people compared and switched was £312.93 with a significant 99.60% of comparisons resulting in money saving.

Energy switching is now even easier than ever as the suppliers are expected to do a lot of the work for you. Once you’ve compared and found your perfect tariff, simply ring your new supplier and let them know you want to use their services, they will then give you a switching date. All you need to do then is let your current supplier know that you will be switching and within 3 weeks you should be on your new tariff and paying lower bills. There’s no need to let your old supplier know your meter reading, once you tell your new one they will pass this information on and you shouldn’t have to deal with your old one anymore.

There are other great ways to save energy around your house that could dramatically lower your bills. The easiest and cheapest solutions are cavity wall insulation and loft insulation both of which you can access for free from British Gas. Cavity wall insulation could save you up to £135 a year whilst loft insulation could save you £175, that’s over £300 a year in total! For cheap quick fixes there are plenty of eco products designed for use around the home including an extension standby saver which recognises when your devices are on standby and switches them off. Another great and effective fix is an Eco flap which simply fits around your letter box and is designed to prevent heat from escaping and could save you up to £400 per year!

Evaluating your energy usage and switching suppliers is a great way to keep your bills down and to save you money. For more money saving tips on energy switching and saving as well as loads of other topics, have a look at www.letssavemoney.com.

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Author Information:
Charlotte has been passionate about money saving since her time at university when she realised that every penny she saved could go towards a decent meal other than something on toast. She now works with a team of savers at Letssavemoney.com, where her money saving abilities have evolved and she treats every bill and receipt as a challenge to haggle, scour and ultimately save.

John Baird

Insolvency Adviser

Tel: 0800 063 9250

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