This is the simple energy switch that takes just minutes and can save you £300… but Brits are too lazy to do it
Figures suggest that the third of UK households who have remained loyal to the same energy supplier have spent £18.7billion more than they needed to
NEW figures suggest that the third of UK households who have remained loyal to the same energy supplier for at least five years have spent £18.7billion more than they needed to.
A survey for the comparison site energyhelpline discovered that 10 per cent of energy customers have stayed with the same provider for more than 15 years - costing them at least £3,000 more than if they had switched.
The poll also found that seven per cent were found to not have changed for between 10 and 15 years, typically costing them between £2,000 and £3,000, and 15 per cent have not moved supplier for between five and 10 years - costing between £1,000 and £2,000 each.
Shockingly, the figures seem to suggest that energy suppliers are receiving an over-payment of around £5.4 billion ever year.
The website warns that providers have no incentive to offer better, lest costly deals if households continued to remain loyal.
Back in June, the Competition and Markets Authority (CMA) said there would be an Ofgem-controlled database of consumers who had not switched recently to allow them to be contacted by other suppliers – this would allow customers to get the best deal more easily.
The CMA have warned that 70 per cent of people are on the more expensive "default" standard variable tariff - costing consumers £1.4 billion more than a competitive market.
Around eight per cent of those surveyed believed "if it ain't broke, don't fix it", energyhelpline said.
The website's co-founder Mark Todd said: "The media talks a lot about broken trust between energy suppliers and customers but in reality there appears to be too much trust.
"Many customers are staying loyal even while they are getting fleeced - overpaying by around £300 a year and, for the most loyal, £3,000 a decade.
"If households continue to stay loyal, providers have no incentive to offer cheaper deals.
"The price of loyalty is truly vast. As energy companies are allowed to charge whatever they like in the UK, it's important for customers to monitor their bills and not be scared to switch."