Brits urged to slash £679 from energy bills with 1 easy move | UK | News

With temperatures staying surprisingly mild for October, experts are warning that now is the time to take advantage of the calm before the cold. Despite forecasts ruling out a “brutal cold snap” or “huge white barrage of snow” this week, millions of households could still be overpaying for their energy – to the tune of hundreds of pounds a year.

According to Ofgem, around two-thirds of UK households—roughly 35 million—remain on their supplier’s Standard Variable Rate (SVR), the most expensive tariff most companies are allowed to charge. But according to Decision Tech data, customers could save up to £679 a year by switching suppliers. Energy experts are urging households to check their current plan before winter sets in, as loyalty to one supplier rarely pays off.

TotallyMoney CEO Alastair Douglas said: “While we’ve managed to avoid the first cold snap of winter this week, two thirds of households are still on the standard variable rate – the maximum their supplier is allowed to charge. So, check your account to find out if you’re free to switch, and if you’ve not changed providers in the last year, then it’s likely that you can start saving money.”

Switching energy providers is far easier – and faster – than many people realise. Ofgem rules state that the process should take no more than five working days, and if the new supplier fails to complete the switch within that time, customers are automatically entitled to £40 in compensation, which must be paid within 10 days.

Importantly, the changeover won’t disrupt your energy supply.

“All your pipes and plugs will stay the same,” Douglas said. 

He added: “Your energy supply won’t be affected during the changeover, and you won’t lose power.”

While the idea of switching might sound daunting, comparison sites and fintech services now make it simpler than ever to check what you could be saving. Many offer free tools that calculate estimated savings based on your postcode, usage and current tariff.

“Loyalty doesn’t pay, but changing energy suppliers can,” Douglas said.

He added: “If you’re one of the millions still on a variable rate, don’t wait until temperatures drop. Check your tariff, compare deals, and make the switch while demand is lower.”

For the average household, that simple move could mean an extra £679 in your pocket this year – without having to turn down the thermostat or sit in the cold.