UK Consumers Losing Millions Due to Expensive Energy Providers and Lack of Knowledge of Alternatives

London, UK – As energy prices continue to rise, many UK households are losing millions each year by sticking with expensive energy providers and remaining unaware of cheaper alternatives. A recent study revealed that millions of households could save up to £300 annually by switching to more affordable energy suppliers.

According to Ofgem, the UK’s energy regulator, around 40% of households are on default tariffs, which are typically among the most expensive options. Citizens Advice reports that these households could collectively save billions by switching to cheaper deals available in the market. The lack of awareness and understanding of the energy market dynamics is costing UK consumers significantly.

A survey conducted by the Energy Saving Trust found that a significant percentage of consumers remain on expensive tariffs simply because they are unaware of the potential savings from switching providers. The report also highlighted that many consumers find the process of switching confusing and cumbersome, leading to inertia and continued overpayment on energy bills.

The impact of these high energy costs is substantial. The Office for National Statistics (ONS) reported that energy prices in the UK have increased by an average of 28% over the past year, one of the highest increases globally. This surge in prices has put a considerable strain on household budgets, especially for low-income families.

Free Price Compare aims to address this issue by providing a straightforward and efficient solution for UK consumers. The Free Price Compare ‘Home Energy’ service simplifies the process of comparing and switching energy suppliers, making it accessible and hassle-free.

How Free Price Compare Helps UK Consumers

1. Easy Comparison: Free Price Compare allows consumers to easily compare a wide range of energy tariffs from various suppliers. By simply entering their postcode and current Energy usage details, users can view the most competitive rates available in their area.
2. Transparent Information: The platform provides clear and transparent information about each tariff, including any additional fees, contract terms, and potential savings. This helps consumers make informed decisions based on their specific needs and preferences.
3. Free Service: Free Price Compare’s service is entirely free for consumers. There are no hidden charges or membership fees, ensuring that users can maximise their savings without any additional costs.
4. Quick and Simple Switching: Once a consumer selects a new tariff, Free Price Compare manages the entire switching process. This includes handling all necessary paperwork and coordination with the new supplier, ensuring a seamless transition with no disruption to the Energy supply.
5. Regular Reminders: The platform also sends regular reminders to consumers to review their energy tariffs, especially before their current contract ends. This proactive approach helps users stay on top of the best deals and avoid slipping back onto more expensive default tariffs.

By leveraging the power of Free Price Compare, UK consumers can take control of their energy bills and avoid the unnecessary costs associated with expensive energy providers. The platform’s user-friendly interface, transparent information, and efficient switching process empower consumers to make smarter choices and save money on their energy bills.

For more information or to start comparing Energy prices today, visit Free Price Compare’s Home Energy

Sources

• [1] Ofgem
• [2] Citizens Advice
• [3] Energy Saving Trust
• [4] Office for National Statistics (ONS)