£8.9bn wasted on energy bills each year by not switching provider

July 14, 2020

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

Properganda PR

National and local media coverage for property businesses. Journo quotes delivered in minutes.

You May Also Enjoy

Breaking News

Freehold and Leasehold Reform Act-lessees can control their own destiny

Matthew Pennycock, Minister of State for Housing and Planning, has made a Parliamentary Statement regarding the future progress of the Freehold and Leasehold Reform Act 2024. The Government have formally recognised the “significant complexity of the task” and that the legislation was rushed in at the end of the last parliament and as a result…
Read More →
Rightmove logo
Breaking News

Rightmove’s weekly mortgage tracker 22/11/24

The current average asking price of a typical first-time buyer property is £225,340. For someone taking out an average five-year fixed, 85% LTV mortgage, the average monthly mortgage repayment on this type of home is now £1,104 per month if repaying over 25 years, compared with £1,138 per month a year ago (when the average first-time buyer property asking price was…
Read More →
Estate Agent Talk

The Architecture Of Attention Behind Social Media Addiction

In the digital age, social media platforms have revolutionized how we connect, share, and consume information. Behind their sleek interfaces lies a sophisticated architecture of persuasive technology.  These platforms employ intricate design patterns and technical elements to capture and hold user attention. From subtle visual cues to complex algorithmic systems, every feature serves a calculated…
Read More →
Breaking News

2025 Predictions for the Private Rental Sector

Allison Thompson, National Lettings Managing Director, Leaders Romans Group (LRG) “As we approach 2025, the lettings industry is entering a phase marked by stabilisation and opportunity. Rental inflation has slowed to an average of 3-4% for new lets, reflecting the effects of affordability constraints; renters’ budgets are beginning to limit how much rents can rise.…
Read More →
Breaking News

Response to Matthew Pennycook’s Statement on Leasehold Reform

Yesterday, Secretary of State Matthew Pennycook made a Ministerial Statement on the future of leasehold reform. Responding, Mark Chick, director of ALEP and a Partner at Bishop & Sewell LLP said: ALEP welcomes the ministerial statement which puts in place a timeframe and some objectives for the implementation of the Leasehold & Freehold Reform Act.…
Read More →
Estate Agent Talk

Essential Garage Storage Solutions for Small Spaces

Maximize your garage space with practical storage ideas that keep your items organized and accessible. If you’re dealing with a smaller garage, smart solutions can make a big difference in keeping your space neat and usable. 1.  Wall-Mounted Storage Wall-mounted storage is an excellent way to save space and keep your garage organized, especially in…
Read More →