Loyal Brits waste £1bn
Published On 23 November 2006
Energy bills are very high in over 11 million UK households, and they don't even realise it.Up to 46 per cent of households have not switched energy providers ever, and therefore lose out on an average £100 saved each year by switching.
The Motley Fool said the collective price of staying with your original provider could amount to £1 billion across the UK.
Competitive energy could save Britons a lot of money, said David Kuo, head of personal finance at the Motley Fool.
"Interestingly, the UK energy market is one of the most competitive," he noted.
"But for competition to work consumers need to force the issue and make providers fight for their business."
Despite increased competition and potential savings luring homeowners to try other providers, British Gas is still the largest supplier of residential electricity in the UK.
They have recently complemented their gas and electricity lines with a successful appliance installation business and an online resource centre that consolidates customers' energy data.
