Are you paying too much for your energy?
August 28, 2008
A recent report from Moneysupermarket.com claims that many major energy suppliers across the UK could be causing consumers to spend far more than they need to on their electricity and gas usage simply because they fail to highlight special deals and programs that could save the consumers money on the cost of utilities. Officials from Moneysupermarket.com state that the failure of energy companies to highlight these deals could be costing consumers a fortune.
In fact, the report suggests that consumers could collectively be paying £2.5 billion more each year than necessary, and that many households could save an average £150 a year by switching to a cheaper deal. However, because the energy companies keep so quiet about the more affordable deals consumers are often not even aware that there is another cheaper option available.
According to one official from Energywatch it would make more sense for energy companies to try and promote these special deals. He stated: “Surely it’s good business sense to try to retain the customers a company already has. If providers introduce new and innovative deals, offering them to existing customers gives them an incentive to stay rather than switch to a separate company.”
A Moneysupermarket.com official said: “Energy providers rarely, if ever, tell existing consumers about cheaper options, as the more expensive tariffs allow them to offset the great deals they offer. Allowing existing customers to languish on old tariffs is a money-spinner, but it doesn’t help build trust or loyalty.” He also said: “Banks adhere to a Banking Code, so why can’t energy providers adopt a set of standards to be fair and transparent with their customers when they launch cheaper products?”
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