Wholesale gas and electricity prices have hit a five-year low, according to the latest research. This fall has not been reflected in domestic energy prices.
The Merseyside Collective Switch, delivered by local charity Energy Projects Plus, together with the six Merseyside local authorities, is providing an opportunity for local people to come together and request a better tariff from suppliers.
According to market information provider, ICIS, wholesale energy prices hit a five-year low at the end of 2015. The causes were a mild winter and lower global commodity prices. Although British Gas cut their prices by 5% in August, the other big five energy suppliers did not follow suit.
Many of us are paying over the odds for our gas and electricity, yet Ofgem research shows that over 60% of us don’t recall switching supplier.
The average saving for those who have switched through the Merseyside Collective Switch is £214 a year.
Collective switching works by asking people to register their interest then uses collective buying power to negotiate an exclusive tariff from energy suppliers. The exclusive tariff is only available to those who register for the collective switch. Previous rounds of the switch have attracted exclusive offers from both the large and smaller suppliers and some tariffs have been the best on the market.
In addition to the Collective Switch offer tariff, participants are welcome to switch to any tariff on the market to find the deal that’s right for them, with tariffs shown against each other for comparison.
The scheme aims to make it easier to switch supplier, with additional support available to those who haven’t switched for a while.
Peter Owen, Chief Executive of Energy Projects Plus said “As we hit the colder months, and our energy use increases, now is a great time to check if we are on the tariff best for us. The Collective Switch has been created to make checking as simple and straightforward as possible, with support available at all stages. I would encourage everyone to join in and see how much they could save.”
Over 150,000 households have taken part in the Merseyside Collective Switch so far, and over £760,000 has been saved collectively by those who switched.
Residents are invited to register their interest in the Collective Switch by Sunday 14th February in order to receive information about the exclusive tariffs. It’s free to join, and there is no obligation to switch once the offers are released.
To join the Merseyside Collective Switch simply register online at www.LCRenergyswitch.co.uk or call the local Save Energy Advice Line on Freephone 0800 043 0151, where free and impartial help and advice about saving energy at home is also available.