Energy firms are charging loyal customers £350 more than they could pay if they shopped around
In total, British households overpay on their energy bills to the tune of over £4 billion annually, the report by new green energy firm Bulb found
BIG Six energy companies are charging loyal customers more than £350 a year more than the best deals on the market
That is the average gap between the so-called standard rate that most families are on with firms such as SSE and nPower and deals offered by smaller suppliers.
In total, British households overpay on their energy bills to the tune of over £4 billion annually, the report by new green energy firm Bulb found.
Households in the South East and the East of England are among those who are overpaying the most.
The analysis by Bulb shows that on average they could save £379 per household on their bills if they shopped around and switched to a cheaper energy supplier.
The findings make clear that as households wait for the energy price cap to come in, which the Government estimates will save families £100 on their bills each year, there are even bigger savings to be made straight away by ditching the Big Six and switching to a cheaper alternative.
Hayden Wood, co-founder of Bulb - who carried out the analysis - said: “More and more people across the country are realising that they are overpaying on their energy bills, and switching away from the Big Six to cheaper suppliers like Bulb - saving hundreds of pounds as a result.
“Switching supplier only takes a few minutes, and as these figures show there are immediate savings to be made.”