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Official! Switching is the quickest and easiest way to save on energy bills
The Competition & Markets Authority (CMA) has announced a string of measures designed to revolutionise Britain's energy market and deliver a nnual savings of over £300 to millions of households across the country.
Savings of this magnitude are available straight away to customers who switch to one of the cheaper fixed rate tariffs on the market.
The CMA says seven out of 10 households remain on standard variable tariffs (SVTs) supplied by British Gas, EDF, Eon, Npower, Scottish Power or SSE - the so-called 'Big Six' suppliers.
It wants to see much more competition between the Big Six and the rising band of independent suppliers who are entering the market. It believes this would reduce the £1.7 billion a year customers are overpaying for energy because competition isn't fierce enough.
Switch and save
The CMA says switching tariff is a well-established way to secure big savings: "There are already plenty of competitive deals out there. What we need to do is persuade customers to take them up."
The watchdog believes price comparison websites, such as MoneySuperMarket, have a vital role to play in boosting competition. It says they should be able to negotiate exclusive deals with suppliers and contact customers with special offers.
The CMA also wants a broader spread of offers on the market to increase choice and flexibility.
Its provisional decision on remedies for the energy market are open for response, with a further report due in the summer.
Stephen Murray, MoneySuperMarket's energy expert, said: "While we wait for the measures to be determined and implemented, it is worth restating that savings running into hundreds of pounds a year are available NOW to those who switch from a standard rate to a competitive fixed rate tariff."
Independent sources of advice on energy efficiency
At MoneySuperMarket we believe in providing you with the information you need to make your home as energy efficient as possible. That's why we're an accredited site under the Confidence Code issued by Ofgem, the energy market regulator. As part of this commitment, we're including links to independent providers of guidance and support. These sites will provide you with the information you need to increase the energy efficiency of your home: Energy Saving Trust, Government energy grants calculator and Citizens Advice.
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See which energy suppliers have changed their gas and electricity prices and by how much. Use this information to find a better deal, switch to a cheaper tariff and save on your energy bills.
Energy suppliers update their tariffs on a regular basis. Our gas and electricity comparison services works to bring you the most competitive deals as soon as they're available. So if your rates have increased recently check out the latest price changes to see how much you could save by switching to a cheaper tariff.
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Everyone can save with our gas and electricity comparison service
We endeavour to help all our customers find the best deal on their energy bills. From simply comparing gas or electric prices to dual fuel tariffs and more specialist products, our aim is to help you save money.
Why use moneysupermarket.com to compare energy prices?
Are your energy bills too high? UK homeowners can make huge savings by using moneysupermarket.com to switch their gas and electricity to a cheaper tariff.
We compare prices from all the big energy suppliers to help you find the cheapest gas and electric prices in the market.
Whether you're looking to save on your gas prices, electricity prices or both there's no reason to pay over the odds on your energy costs. We believe you deserve a fair deal at a competitive rate - and we want to help you get it.
By using our gas and electricity comparison site you can find cheaper energy deals in minutes - all you need to do is answer some simple questions and we'll provide you with the latest tariffs and offers from all of the leading energy companies.
However, by using moneysupermarket.com to shop for low cost energy rates online you'll be able to compare much more than just price. Our service also allows you to select your preferred payment method, tells you exactly which tariff you're switching to and allows you to see how much of your supplier's energy is generated from sustainable sources.
So to pay less on your utility bills use our energy comparison tool to find the best prices and switch your gas and electricity supplier today.
How do we make money on energy at MoneySuperMarket?
If someone compares prices on our energy channel, clicks through to an energy company, and switches their supply to them, we get paid a fee. But if the switch doesn't go ahead, we don't get paid.
Some energy companies ask us to help them hold on to customers, so if someone switches to a different tariff but with the same company, then that company will pay us a fee.
Do we really compare the whole of the energy market?
We try to, but not every energy supplier wants to be in our tables.
But our team does work with every energy company in the UK to make sure all our prices are accurate. This means we can show you a very good estimate of what your bill would be if you used any energy company. We do this to help you see what you could save by switching.
- If a tariff has a green 'Apply Now' button next to it, then you can click through, complete the application form and switch to that energy company. If you complete the switch, we are paid a fee.
- If the 'Apply Now' button is grey, then you cannot click through to switch. To choose that tariff, you may need to visit the energy company's website directly, or ring them.
The energy industry rules make sure that energy companies can't offer cheaper prices than what you see on our site. So you can be confident you won't find these tariffs cheaper anywhere else.
On the right hand side of the page, you can choose to see only the tariffs you can switch to through MoneySuperMarket. You can see a full list of the companies that you can switch to on our site. These companies pay us a fee when someone switches to them through MoneySuperMarket.
How do our relationships with energy companies affect our service to you?
We never let energy companies get in the way of what's best for our customers. The tariffs will always be displayed in order of the biggest saving you can make by switching. Whether we are paid a fee, or the size of that fee, make no difference to this. We have signed up to a code of practice called the Confidence Code which is operated by the industry regulator Ofgem as a sign of our promise to put customers first.
Why are we telling you this?
Our services are always free to you, our customers. But we think it's important that we're transparent about how we earn money, so you can be confident we put our customers first.