A price cap will act as an inertia comfort blanket for millions
weflip comments on announced January price cap
Amanda Cumine from auto-switching service weflip said; “While a price cap has good intentions and could save some of the most vulnerable households who are already on the most expensive energy deals a small amount of money, the fact is that the cap limit of £1,137 is simply not a good deal.
“Our concern is that the price cap will act as an inertia comfort blanket for millions of households by setting an ‘acceptable’ price for energy that is still considerably more than what people should be paying. And a lack of switching is one of the biggest issues in domestic energy today, costing UK households a collective £931 million each year*. Individually, according to the latest Ofgem report, households could save as much as £285 by switching**, making it crucial that a cap is not seen as a substitute for actual engagement.
“Our message to people is simple, the only sure-fire way to make sure you’re not being ripped off is to keep switching, and to do so year after year. If you’re not confident you’re able to keep on top of it yourself, consider an auto-switching service that constantly moves you to a better deal and does the hard work for you.”
How weflip works
Customers register their details and provide information including current supplier, tariff and energy usage – which can all be found on an existing bill. weflip’s algorithm pinpoints the best deals and customers choose which tariff to flip to first.
After the initial switch, weflip will take over and continue to scour the market, flipping them to better deals automatically, for life (when a minimum saving of £50, including exit fees, can be made). No further manual comparisons are needed, as weflip does all the work for you.
For more information on how to save on your energy bills for life, visit: https://www.weflip.com/.
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Notes to editors:
* Research conducted by Populus on behalf of GoCompare. Populus interviewed a nationally representative sample of 5,000 online respondents aged 18+ in Great Britain between 16 and 21 May 2017. Figures shown are ‘up to’ savings and rounded.
** As of 28 September 2018, the average price of SVTs from the six large suppliers for a typical dual fuel customer paying by direct debit increased to £1,206, from £1,194 in the previous month. This was due to EDF’s price increase taking effect on 31 August. The market cheapest tariff also increased from £842 to £921. As a result, the differential between these tariffs decreased from £352 to £285.
For further information please contact:
Anders Nilsson, Martyn John and Louisa Marsden on media@weflip.com
Gordon, Jason or Liz at MAW Communications on 01603 505 845
About weflip
weflip is a smart savings service that helps people save money by automatically switching them to better energy deals.
weflip is a completely free, automatic savings service that guarantees cheap energy forever. After customers sign up,
weflip simply flips households onto cheap energy tariffs automatically, doing all the hard work on their behalf, so they never have to worry about overspending on energy ever again.
weflip is part of GoCompare Group plc, which operates GoCompare, one of the UK’s largest and most trusted comparison sites and has been saving customers money on a range of financial and non-financial products since 2006.
weflip’s energy service is powered by Energylinx, which is also a GoCompare Group plc company, and one of the UK’s most established and respected energy comparison services.
weflip takes customer privacy seriously and does not sell customer data.
For more information visit www.weflip.com and www.gocomparegroup.com.