£8.9bn wasted on energy bills each year by not switching provider
Failing to switch energy providers could be costing Britains as much as £8.9bn a year, according to the latest data from home setup service, Just Move In.
The average household is spending £1,289 a year on gas and electricity. However, Just Move In’s research shows that when switching supplier, the average saving is as high as £350 a year.
Despite this, just 5.2% of households have switched energy supplier over the last year, meaning 25.6m homes have stayed put. That’s 25.6m households missing out on a reduction of £350 a year on their energy bills, totalling a missed saving of £8,974,194,600 in one year alone.
In England, this 5.2% equates to almost £7.7bn a year in energy overpayments, falling to £826.8m in Scotland and £455.5m in Wales.
Regionally, this missed saving is at its highest in the South East, where 3.5m households could be saving £1.2bn a year on their energy bills.
In London, it equates to an overpayment of £1.1bn in annual energy bills, with the North West also seeing this sum exceed the £1bn mark.
The North East is the region home to the lowest potential saving, but even then, the 1.3m homes failing to switch could be saving as much as £390m a year!
|
Great Britain
|
|||||||
|
Energy
|
Average Annual UK Energy Bill
|
Average Saving Through Switching Supplier
|
Total number of households
|
Percentage of households that switch
|
Number of households that switch
|
Number of households NOT switching
|
Total cost to those not switching
|
|
Gas and Electricity
|
£1,289
|
£350
|
27,047,000
|
5.2%
|
1,406,444
|
25,640,556
|
£8,974,194,600
|
|
Saving missed by not switching energy supplier by nation and region
|
|||
|
Location
|
Number of households NOT switching
|
Average potential saving when switching
|
Total cost to those not switching
|
|
South East
|
3,500,964
|
£350
|
£1,225,337,400
|
|
London
|
3,164,424
|
£350
|
£1,107,548,400
|
|
North West
|
2,906,568
|
£350
|
£1,017,298,800
|
|
East
|
2,489,448
|
£350
|
£871,306,800
|
|
South West
|
2,338,716
|
£350
|
£818,550,600
|
|
West Mid
|
2,299,848
|
£350
|
£804,946,800
|
|
Y and H
|
2,237,280
|
£350
|
£783,048,000
|
|
East Mid
|
1,925,388
|
£350
|
£673,885,800
|
|
North East
|
1,113,900
|
£350
|
£389,865,000
|
|
England
|
21,976,536
|
£350
|
£7,691,787,600
|
|
Scotland
|
2,362,416
|
£350
|
£826,845,600
|
|
Wales
|
1,301,604
|
£350
|
£455,561,400
|
|
Great Britain
|
25,640,556
|
£350
|
£8,974,194,600
|
|
Sources
|
|
|
Number of households
|
|
|
Annual Domestic Energy Bills
|
|
|
Quarterly Domestic Energy Switching Statistics
|
|
|
Saving when switching energy
|
|
You May Also Enjoy
Six UK vineyards where homebuyers avoid the 84% premium
Red tape slashed to revamp high streets with new cafes and bars
London’s prime parks command 86% property premium
Padel Boom Sparks 113% Surge in Planning Applications
Property values rise at 5.3 times the rate of earnings
