Most homeowners are aware that the best way to save money on energy bills is to regularly shop around to find a good deal. However, new research has found that not everyone is efficient at making sure they continue to find the cheapest offers, particularly those living in London.
Londoners – Least Likely To Switch
According to the latest findings from Compare The Market, people in the capital are most hesitant when it comes to changing energy provider, with as many as 7.21 households per switch.
This is compared with the north-east of England, which has 3.37 households per switch. Residents here are, therefore, much more in touch with finding the best deal for their energy needs.
Despite Londoners being 64 per cent less likely to swap providers than the national average, they could make some of the biggest savings in the country if they did.
Indeed, they could keep an extra £199.16 to themselves if they looked around for an energy supplier once their deal comes to an end. This is just marginally below the East Midlands, with residents here able to save the most by switching, typically reducing their bills by £200.29.
Head of energy at Compare The Market Peter Earl stated there is a “stark regional divide in the approach people take to managing the cost of their energy”.
He added: “The statistics show little correlation between the volume of switching and the amount that people stand to save by changing provider, with the south-west coming in second for switching volumes while also having the second lowest average saving.”
Big Savings To Be Made
However, homeowners who find themselves in the non-switching camp might be tempted to reconsider and start searching around, as they could make big savings if they did.
Indeed, Mr Earl stated that the value of changing provider is “clear”, and customers can save up to £200 a year by looking for the most cost-effective deal.
That is why as many as one in five households in the UK did choose to switch last year, as they did not want to be left paying extortionate charges for no reason.
Other Ways To Save Money
While keeping an eye out for good energy deals is one of the best ways to boost your finances, you can also save money through other means – and none of them involve spending winter in the cold.
For instance, you could update the double-glazing on your Cheshire home for more efficient energy use. By not letting as much heat escape from the windows, you will be able to turn your thermostat down or reduce the number of hours you have your central heating on. Therefore, you won’t need to spend as much money keeping your house cosy and warm.
You could also update your property with energy-saving measures, such as cavity wall and loft insulation – which may be available for free from the government if you fit certain criteria. These cut down on the energy lost through the home and reduce dependency on radiators during the winter months.