UK households could reduce their energy bills by an average of 24 per cent by switching away from their traditional energy supplier, according to new research.
However, there are considerable regional variations, according to the analysis by MoneySuperMarket.
The price comparison website analysed prices in the 14 UK energy regions to reveal where customers could make the biggest savings by switching away from their current supplier.
Customers in the South West could see their bills drop the most, with potential savings of at least 26.7 per cent (£319) for those moving off their incumbent tariff and on to one of the 30 cheapest deals available on the market.
However, customers who have remained with their original supplier in Southern Scotland have the lowest overall average incumbent energy bill at £1,115 per year; but their potential savings from switching suppliers is still significant, standing at £238 a year.
Stephen Murray, energy expert at MoneySuperMarket, said: “In the wake of recent price rises from emerging suppliers and the likes of E.On, many are anticipating further price hikes from the remainder of the Big Six suppliers in the next few weeks.
“It’s very encouraging that record numbers of households are switching their energy and benefitting from lower bills. However, these numbers still represent fewer than one in five households in the UK, which means there are still around 11 million households languishing on expensive standard tariffs.
“If you’re one of those, take matters into your own hands and switch your energy supplier today. Switching couldn’t be simpler – it literally takes five minutes online to secure yourself a competitive fixed rate deal, either with a Big Six supplier like British Gas, or one of the emerging suppliers like Octopus or Green Network Energy.
“As the figures show, the average household can save £250 or more and it’s a quick and easy way to bring your bills down.”
The full analysis can be found at www.moneysupermarket.com