Is Your Current Energy Provider
Costing You Money?....

by Chris Spann
(MoneySupermarket.Com)

Did you stay with your current energy provider when you moved in to your new home? If you did, it might be time to look at changing, because you could be £345 a year better off, according to market research…

If you happen to be one of the people who still gets their gas and/or electricity from the incumbent provider (The provider in charge of maintaining the utility infrastructure in your area is known as the incumbent), you’re not the only one missing out though: Around 10 million other people are in the same boat as you; that’s very nearly half the population losing out on £3.6 Billion.

Incumbent providers charge around £1,200 per year for gas and electricity on average, although fierce price wars between competing providers means that by shopping around, you could cut your bills by anything up to £350 a year.

In research done earlier this year by Gas and Electricity comparison site moneysupermarket.com, OVO Energy were the cheapest provider for every single area in the UK, with all of the “Big Six” providers sat quite low down in the utilities league table. However, those six continue to keep the majority of customers as quite often people are a little suspicious of paying a company for their power supplies when that company doesn’t physically supply it; this is understandable, and is the reason why providers are often so willing to slash prices in order to attract customers. This then means that savvy homeowners can easily save themselves a bundle (Although many homeowners do feel that these prices are then too low to be believed)

The most expensive region for those who choose to stay with their incumbent provider is the Midlands – Although they also stand to save the most money by changing, in the region of £370 a year, which is almost a third.

The people likely to benefit most from this are those in the Midlands, who can expect to save £370 a year on average; nearly a third of the current bill.

There’s plenty of money to be saved on your energy bills, just don’t be too scared to do it! Staying with your incumbent provider is financially irresponsible, and now that switching providers is so easy, there’s no excuse not to get your electricity bills in order.