Residential Energy bills: Could you cut your fuel costs by switching to the best deals?

UK Households are making even bigger savings thanks to smaller energy suppliers that have rocked the market and forced increasingly competitive deals.

Falling wholesale prices are finally filtering through for customers and even the Big Six have started cutting their tariffs.

So there has never been a better time to switch to a new provider and save money on fuel bills. The average annual saving made by customers switching energy tariffs has risen to £228 – up from £138 in May 2012 and £170 in May 2011, according to figures from comparison service uSwitch.com.

Figures from Energy UK reveal that 1.3 million customers moved from a large supplier to a small one during the past 12 months - the equivalent to 41 per cent of all switches.

This has forced the hands of the largest big six suppliers, which have all recently launched new tariffs in response to cut-price deals from smaller rivals.

Potential savings for households are now huge - some can shave off more than £400 a year from their bills - particularly for those that have never switched before.

And you might be surprised by how simple the switching process can actually be. Those on the hunt for a better deal have heaps of choice whether it is a long-term fix, variable rate or tariff from a smaller or green supplier you are looking for, with tariffs cut to under £1,000 in the run up to the new year.

Although the savings from switching are not quite as big as they were a few years ago switching should remain a key part of your personal finance maintenance.

If you are one of the millions of people who have NEVER switched (i.e. stuck with your original supplier), then you could also save a big chunk of cash.

F7 | Utilities.

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