£2.5bn lost by energy loyalty

12/05/2009

Brits are wasting a combined £2.5 billion a year by sticking with the same energy supplier.

According to research from moneysupermarket.com, consumers are missing out as a result of misplaced loyalty.

The price comparison service found that the typical household could save £241 a year by switching away from the main gas and electric supplier in their area.

Consumers in Liverpool and north Wales stand to make the biggest saving, with £260 to be saved from switching to a new deal.

Scott Byrom, utilities manager at the site, said: "It's worrying to see that at a time when every penny counts almost half of British bill payers are considerably out of pocket by languishing on the standard tariff from their incumbent provider."

"It's true that despite this year's price cuts the impact of last year's unprecedented price hikes is still hitting wallets hard so it's crucial to take action immediately to cut costs where ever possible," he added.

The advice follows the announcement yesterday that the government plans to introduce smart meters in every UK home by 2020 in a move that is expected to cut bills as well as energy consumption.

Tags; Housing Debt and Bills,

Regional Debt Advice; Debt Advice Liverpool,

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