Could You Save By Switching Energy Suppliers?

Households across the country could save hundreds on bills by spending just 10 minutes to compare energy suppliers, experts say.

With a Competition and Markets Authority report indicating many customers are paying a high price for failing to make a change, there are several simple steps anyone wanting to switch can take.

:: Check if you are eligible for financial help. Anyone of pensionable age, on a low income or with a disability could be entitled to assistance through a variety of schemes including some listed here.

:: Check a series of market comparison websites, using your energy bills or annual summary, to establish which supplier offers you the best deal.

:: Once you have chosen a new supplier, they will manage the switch with the firm you are leaving. The change could take up to eight weeks.

:: It is also possible to reverse your decision - you have the right to cancel a contract within 14 working days.

:: Switching suppliers is not an effective method of avoiding a backlog of bills and you may need to pay off any debt to your current supplier before you make the change.

:: Anyone looking to switch should also check the terms and conditions on both their old and new deals. Fixed-term contracts may involve a charge to change suppliers.

Money Saving Expert Martin Lewis said everyone should check if they could save money on energy bills.

"We need to shout loud about the benefits of switching tariff," he said.

"Too many people think energy firms are 'all the same'. That's far from true, there are huge differences on both price and customer service.

"The worry is that news of recent price cuts, even though they were paltry, will have given many false confidence that they're on a decent deal. Examine the figures and the ugly truth is very different.

"Even after price cuts, someone on a Big Six supplier standard tariff with typical use will pay £1,158 a year, whereas switch to the cheapest tariff and they'd pay just over £900 a year.

"So it's worth people taking 10 minutes to see if they can save themselves £250 - at an hourly rate of £1,500 if someone else was offering this to you as work, would you turn it down?"