Liverpool households could save £189 on their energy bills by switching to a new provider.
Consumers are being urged not to rely on the energy price cap to bring down the cost of their bills as a new report from MoneySuperMarket finds switching deals could save households more than £189.
Energy price caps limit how much suppliers can charge per unit of gas or electricity.
The cap prices are based on how much it really costs on average to get energy to a customer's home.
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A price cap is designed to ensure people pay a fairer price for their energy and are protected from being overcharged by energy suppliers.
The price cap is due to be updated by Ofgem on October 1, 2020, and while consumers may understandably assume this means their bills will be kept as low as possible, the evidence suggests they could be spending more than they need to.
This is because there are more than 80 cheaper tariffs available for consumers to choose from.
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Price cap figures vary across different regions but the Manweb power region, which includes Liverpool, has the highest regional price cap at £1,076 on average annually.
Further key findings from MoneySuperMarket's report, which can be viewed here, reveals:
- There are more than 80 tariffs on the market which are cheaper than Ofgem's new price cap
- 99.88% of customers on default standard variable tariffs (SVTs) can save by switching
- Those on SVTs could save up to 18% by switching to more favourable rates
- Nationwide, an estimated 11 million households are on default SVTs, which equates to approximately 50% of UK households.
