Energy Customers Turn a Blind Eye to Their Gas and Electricity Costs

CHESTER, England, August 22, 2011 -

• Almost 40 per cent of customers don‘t know how much they pay each year
• Price difference between tariffs can be up to £411

With energy bills continuing to rise, new research from moneysupermarket.com reveals that Brits are unaware of their current usage costs, which could mean that they are paying over the odds for their gas and electricity.

A recent survey of more than 3,000 moneysupermarket.com site users shows that almost 40 per cent of Brits say that they have no idea of the actual total amount they pay each year for energy, despite so many providers increasing their costs markedly year on year. Over 20 per cent of respondents who pay monthly have no idea of the total cost of their bill for the year with a further 16 per cent revealing that they had no idea at all of their energy costs.

Only 38 per cent know exactly how much they pay for their energy usage with a further 24 per cent only having a rough idea. 

For most people, gas and electricity costs are the second largest monthly outgoing following a mortgage or rent payment and being unaware of the price you pay for your gas and electricity could mean that you are paying £411 more than you need to with the most expensive tariff coming in at over £1,391 compared to the current cheapest at around £980.

With further statistics showing that, on average, only 17 per cent* of energy customers switch their tariffs each year, the vast majority of bill payers could benefit from knowing which tariff is best for them.

Scott Byrom, utilities manger at moneysupermarket.com said: “With the current spate of price hikes taking the average bill to record highs, customers should be on their game and know exactly how much they are paying in gas and electricity charges each year. The message is simple - for a medium user, if you pay more than £37 for your electricity and more than £51 for your gas per month, then you are potentially paying too much and should be looking to switch to a better tariff.

“Shopping around using a price comparison site for the best value energy product is vital and I urge everyone to check their bills and act quickly as the best priced products are unlikely to be available for long.”

-ENDS-

*www.ofgem.gov.uk/Markets/RetMkts/rmr/Documents1/RMR_Appendices.pdf

    Current Cheapest Energy Tariff - npower Sign Online 23

           Low User               Medium User              High User
        Gas     Electricity     Gas     Electricity     Gas     Electricity
       GBP37       GBP27       GBP51       GBP37       GBP68       GBP48

Sourced by www.moneysupermarket.com

Notes to Editors:

Do you know how much you’re paying for your gas and electricity each year?

• Yes - I know exactly how much I’m paying - 38.2%
• Yes - I know roughly how much I’m paying - 24.4%
• No - I pay monthly but don’t know the total cost - 21.5%
• No - I have no idea of the total cost - 15.9%

Total Votes: 3,178

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