One of the question we get asked most often here at OVO is "how much will I save if I switch?"
The answer depends on two things, the tariff you are on and how much energy you use. If you know these two things it only takes five minutes to get an accurate quote.
According to a July 2015 report by the Competition and Markets Authority the average savings for a customer switching from a Big Six standard variable tariff to any external fixed tariff would be around £160 a year. But can you really save £160 a year just by switching providers?
If you are one of the 60-70% of Big Six energy customers on a standard variable tariff then you can likely save between £120 and £320 per year (see below).
In this graph we’ve estimated the savings made when switching from a Big Six standard variable tariff (SVT) to OVO’s Better Energy tariff. For each of the providers there’s an estimate for the three typical house sizes Ofgem (the energy regulator) uses to model consumption.
For a Small House/Flat a average saving is £138/year For a Medium House it is £218/year And for a Large House it is £320/year. So while there are subtle differences between the pricing for each of the Big Six the main potential for savings depends on your home’s energy use.
In the graph above we have given you a pretty good idea of how much you might save when switching from Big Six standard variable tariff to OVO’s Better Energy. But in reality prices change a little bit now and then, so you will only really know if you get a quote.
This process should only take you five minutes to do, and it will give you an accurate of idea of what you might save over the next year by switching.
*Data sources for graphic: Tariff prices sourced from uSwitch Insight Portal, accessed on 11/09/15 and averaged across all regions. Ovo Better Energy includes online discount and is for direct debit customers. Average Big Six SVT price is for direct debit customers but excludes paperless or online discounts. Estimated consumption of each house type based on Ofgem typical domestic consumption values 2015, low, medium and high users. (Profile Class 1 for electricity).
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