People should not be fooled by a £17 energy bill reduction because bigger savings can be made, according to experts.
In March energy bills for over 15 million will be capped at £1,162, which is lower than the original price cap of £1,179. The new maximum amount people can pay was announced by energy regulator Ofgem this year.
However, customers should not be fooled into staying on their current provider. Nearly half a million people have switched their energy provider in the first month of 2020, according to switching service Uswitch, and they can save as much as £400 more than those who do not switch.
The saving can be made because those on a standard energy rate could be missing out on cheaper rates.
Uswitch.com energy expert Cordelia Samson said:
“With 450,000 electricity switches in January, energy customers are sending a message loud and clear that they aren’t willing to stick with what their supplier offers them, and are instead saving money by switching provider.
“Households shouldn’t be fooled by the price cap reduction of £17, announced at the beginning of February, either. People who are on poor value standard deals are paying over the odds and could be almost £400 a year better off by switching."
The switching service also says people are switching because they are seeking better service from their energy provider.
“Service is also key: a third of all switches in January were away from the Big Six providers to small and mid-tier suppliers, such as Octopus Energy and Bulb, which were among the challenger brands to top the Uswitch Energy Customer Satisfaction Awards this year. If customers aren’t happy with their current deal, we urge them to check online and switch to a better plan, saving hundreds of pounds in just minutes."
