Millions of homeowners have never switched energy provider, meaning they are collectively missing out on a fortune in savings.
Price-comparison sites reckon that people who switch can each save hundreds of pounds a year by finding a better deal for their gas and electricity – with those who have never switched before among those who stand to gain the most by looking for a better offer.
“In the last few years, the energy market has been transformed,” says Anders Nilsson, of Gocompare, one such price-comparison service.
“There are now more suppliers, which has resulted in greater competition for customers’ business, and [energy watchdog] Ofgem’s faster-switching rules mean that changing provider has been made quicker and easier.
“For those taking the initiative to shop around, there are hundreds of pounds-worth of savings to be made.”
According to Gocompare’s research, 2.5 million of homeowners have never switched their gas or electricity provider, and they could be losing out by more than £700m. Meanwhile, more than half of all homeowners have failed to compare tariffs for more than three years.
“No one should be put off changing their energy provider because they fear that it’s too complicated or disruptive to move supplier,” says Mr Nilsson.
“When you switch gas or electricity, the new supplier will continue to use exactly the same wiring and pipes as you currently use. There will be no interruption to your service.
“Energy companies regularly introduce new tariffs to tempt customers away from their competitors, so we’d recommend homeowners shop around for their gas and electricity at least once a year to ensure they’re not paying more than they need to.”