Are You Paying Too Much for Energy?

By switching to a smaller energy supplier could be possible to save £205 per year according to recent research. Energyhelpline's research also shows that those that do switch supplier receiving an annual average saving of £263.

The "Big Six" suppliers which are British Gas, E.On, SSE, Npower, Scottish Power and EDF Energy are the most likely providers to be chosen, with 70% of switchers moving to one of the Big Six.

A saving of £205 could be achieved by switching to a smaller supplier rather than one of the Big Six according to Energyhelpline.

5.2 million people switched their energy supplier in the last 12 months, a new record.

Why are switchers shunning small suppliers?

The largest savings can be achieved by going with one of the smaller suppliers such as Outfox The Market, Economy Energy and Usio according to MoneySuperMarket. Consumers may be concerned about the health of the lesser known suppliers, especially due to the collapse of Tyneside energy recently. However, Ofgem's "safety net" means that in the event that your provider does run in to difficulties, you will not experience an interruption in power and you will be able to shop around for a deal as soon as the switch has been completed.

What are the benefits?

Smaller suppliers offer a lower price, often due to the fact that they have deliberately reduced their overhead costs and are exempt from paying the same level of taxes as the larger providers.

Why stay with an energy giant?

Larger providers have a greater level of resources that could be expressed in the provision of increased levels of customer service or online features for example.

If you do decide to go with a smaller provider, ensure you research your chosen company online beforehand.

Once you have managed to cut down your monthly outgoings, put your new found savings to work as part of a personal financial plan. Contact Westminster Wealth Management today.