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Gocompare: Energy customers could save £1.4 billion

22 March 2010

Energy customers in the UK could save £1.4 billion per year by switching supplier, it has been claimed.

A recently-published report from Gocompare.com has revealed that despite the estimated savings, 20 per cent of energy customers have never changed their supplier.

The report also revealed that the current high cost of household fuel caused 25 per cent of customers to live in cold homes in the winter period in a bid to keep their bills down.

According to the price comparison site, 21 per cent of customers will struggle to meet the costs of this winter's bill.

Mark Greening, head of utilities at Gocompare.com, said: "It's shocking that a quarter of British consumers didn't keep their homes warm this winter because of worries about their heating bill.

"Energy providers announcing record profits should hang their heads in shame for taking advantage of the coldest weather in 30 years to boost their bottom line when so many people either couldn't afford to heat their homes properly or will now struggle to pay their bills."

High energy prices are a particular concern for older people who use a larger proportion of their income to heat their homes.

The difficulty of paying bills could be eased for those who own their property with cash taken from the value of their assets through an equity release scheme.