Consumers could save over £1,000 a year with annual energy statements

uSwitch.com are urging consumers to look out for a brand new annual energy statement that could be the key to saving over £1,000 on their energy bills.

Energy suppliers have from tomorrow (1st July) until 1st December to provide customers with their first annual energy statement, detailing their current energy plan, yearly consumption and how much they can expect to pay for their energy over the next year. The statement also includes details such as any discounts that are available along with a reminder about switching to a better deal.

The move, part of Ofgem’s push to help more people benefit from the competitive market, could open the door to consumers saving more than £1,000 on their energy bills over the next 5 years. According to uSwitch.com data, households who regularly switched to the cheapest online plan in the market paid £4,171 for their energy over the last 5 years. However, the average standard plan customer shelled out £5,253 during the same period – £1,082 more. If consumers use the new annual statements to switch at least once a year, they too could potentially shave a healthy £1,000 off their energy bills.

Ann Robinson, Head of Consumer Policy at uSwitch.com, said:

“These annual statements will play an important part in getting more consumers to take advantage of the competitive market. Not only will they help consumers manage both their finances and energy better, but the statements will provide households with all the information they need to check their current rate and energy plan. This will make it easier for them to save money by switching.

“Consumers should treat these annual statements as an annual reminder to make sure they are paying the cheapest price for their gas and electricity. People who did this regularly over the last 5 years saved themselves over £1,000 – this is not to be sniffed at and it would be great to now see more households following suit.”