£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

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