Following the second round of devastating price hikes from all big six energy giants this year, moneysupermarket.com reveals Brits could save as much as 63 per cent on their energy bills by moving to the cheapest available product. Meaning a staggering saving of £5.84 billion for UK consumers.
Research from the price comparison site shows the online dual fuel deal from British Gas - Click Energy 5 - is the best value tariff across all 14 UK regions. Those in the East of England would pay the least at £824 a year. However, they would be paying £1,377 - £553 or 67 per cent more - if they stayed on their incumbent providers standard tariff paying by quarterly cash or cheque. Customers worst affected, following the recent price hikes, are those in the North East who are facing annual bills in excess of £1396. By moving to the cheapest online deal available they could save around £531 per year.
On average across the UK, households could save £531 a year if they moved away from their region's incumbent provider's standard tariff and opted for the best value tariff available. If all customers who are yet to change energy tariff moved to the best possible deal, the country would save £5.84 billion on its energy bills.
Brits have suffered massive increases this summer, with the cost of gas going up 29 per cent on average and electricity seeing an average increase of 14 per cent. Since the beginning of the year consumers have faced an overall increases of 52 and 28 per cent respectively.
Scott Byrom, utilities manager at moneysupermarket.com, said: "Households have been dealt with an almighty blow this summer with all six energy giants hiking their prices for the second time this year. It's more important than ever for Brits not to be lulled into thinking they will automatically get the best deal with their current provider. I urge customers to proactively check the market to ensure they find the tariff that most suits their circumstances. Online products continue to lead the way in terms of value with monthly direct debit payments offering the highest level of customer discounts.
"However, it's important to note that online products are likely to increase in price over the coming weeks as providers jostle for top position. As a result, consumers should keep a watchful eye on the market to ensure they get the right deal.
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