Market Research Finds Britons Wasting Billions on Overpriced Energy Suppliers

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Market Research Finds Britons Wasting Billions on Overpriced Energy SuppliersAbout The Authors

12th July 2012 09:42 - Utilities

An in-depth survey of over 2,100 energy consumers across the UK has shown that British households are wasting £4 Billionper year by failing toswitch to the most economical energy provider.

Sponsored by the Department for Energy and Climate Change (DECC), the survey resulted in a quarterly report that demonstrated Britons have dramatically lost interest in the subject - as little as 33% of surveyants plan on switching energy suppliers in 2012, compared to 55% in past years.

Nevertheless, the market research also found that rather than wanting to switch energy suppliers independently, more than 35% of UK energy customers are interested in joining collective purchasing initiatives, even though 79% are completely unfamiliar with these types of schemes.

The DECC however points out that while collective purchasing has benefits, it does not give the best deals and also boosts the profits of large energy providers.

The indication is that if UK consumers will find the absolute cheapest tariff available on the market by switching energy suppliers independently or by using an online energy comparison service.

Meanwhile, approximately 60% of energy customers in Britain have never considered switching energy suppliers, and the report estimates this causes them to overpay on their energy bills by over £4 billion annually.

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