Millions of households could save up to £70 on their energy bills by switching provider
BRITISH households could save nearly half a billion pounds a year by switching utility providers, a report has found.
A poll of 2,000 billpayers found 23% of households have never switched.
But those who have, estimate they’re £68.16 better off each year on average.
And across the 6.5 million households who’ve not made the change, this adds up to a staggering £445million left on the table.
The study of homeowners and renters found 20% of holdouts said it’s ‘too much hassle’ switching and 18 per cent think all providers are ‘as bad as each other.’
While 43% acknowledge they could be paying less if they shopped around but remain hesitant to make the change.
James Hyland, spokesperson for rural broadband specialist, Airband, which commissioned the research, said: “It’s important to take the time to review your utility providers.
“In the modern world, it’s not just gas, electric and water that are non-negotiable monthly bills, there are also broadband and phone bills to contend with.
“This can be a lot to juggle and it’s no surprise to see millions simply not bothering to check, or feeling it’s too much hassle.
“But these figures show the rewards are definitely there for those who are willing to take the time.”
The study also found 12% of those who have made a move found the process at least somewhat difficult.
But 71% found it to be either somewhat or very easy.
It also emerged 30% would be likely to move if a company offered rewards for loyal customers, such as receiving a pay-out of their exit fee 25% or had customer service lines operated by humans instead of being automated 22%.
However, 39% of those polled are currently happy with their energy providers, and 29% have switched due to the rising cost of living – with another 22% planning to.
In the ranking of satisfaction for different providers, most people selected electric (27 per cent) as the utility they’re least happy with.
This was followed by broadband (25%) – with 44 per cent struggling with broadband coverage in their area – water (23%) and gas (22%), according to the OnePoll.com figures.
But 17% admit the prospect of changing providers fills them with stress, while 15% find it causes anxiety.
What energy bill help is available?
THERE'S a number of different ways to get help paying your energy bills if you're struggling to get by.
If you fall into debt, you can always approach your supplier to see if they can put you on a repayment plan before putting you on a prepayment meter.
This involves paying off what you owe in instalments over a set period.
If your supplier offers you a repayment plan you don’t think you can afford, speak to them again to see if you can negotiate a better deal.
Several energy firms have grant schemes available to customers struggling to cover their bills.
But eligibility criteria varies depending on the supplier and the amount you can get depends on your financial circumstances.
For example, British Gas or Scottish Gas customers struggling to pay their energy bills can get grants worth up to £2,000.
British Gas also offers help via its British Gas Energy Trust and Individuals Family Fund.
You don’t need to be a British Gas customer to apply for the second fund.
EDF, E.ON, Octopus Energy and Scottish Power all offer grants to struggling customers too.
Thousands of vulnerable households are missing out on extra help and protections by not signing up to the Priority Services Register (PSR).
The service helps support vulnerable households, such as those who are elderly or ill, and some of the perks include being given advance warning of blackouts, free gas safety checks and extra support if you’re struggling.
Get in touch with your energy firm to see if you can apply.
And 38% believe they suffer from ‘Switch-Phobia’, a genuine fear of the process.
James Hyland for Airband, which aims to bring high speed broadband to remote areas such as Herefordshire, Shropshire, Worcestershire and Devon, added: “Switching utility providers can be one of the most effective ways for consumers to reduce their monthly bills while improving the quality of service they receive.
“Many people don’t realise that the market offers a wide range of options, and by simply comparing providers, they can find better rates tailored to their usage patterns.
“This can lead to significant savings over time, especially for households with higher energy consumption.”