Small suppliers beat EDF Energy on utility bills
New research has found that the big six energy companies are being beaten on price by smaller firms.
A money-saving website has said that small businesses are now challenging major energy firms by offering cheaper deals on gas and electricity, which could reduce the amount paid on utility bills.The money-saving tip was given by uSwitch.com, which cites new plans from Ovo and FirstUtility, working out at £978 and £967 a year for energy bills respectively.
This is compared to the cheapest offer being made by the big six firms, which stands at £983 a year from EDF Energy - a potential £16 saving.
Consumers with ScottishPower could reduce the cost of their utility bills even more as their cheapest plan, the Online Energy Saver 6, currently charges households £1,037 per year for the service.
Will Marples, energy expert at uSwitch.com, said: "This is the first time that a 'challenger' energy provider has gone head-to-head with major suppliers on price and beaten them. This is because their size works in their favour - they are quick and nimble and able to react to falling wholesale prices quicker than their bigger rivals.
"It's good news for those consumers who have been looking for a viable alternative to the big six, but who are concerned about paying more for their energy as a result," he added.
A recent study revealed that each resident of an average household will pay nearly £1 million over their lifetime on utility bills and rent.
Carried out by Confused.com, the survey found that utility bills count for £60,708 of the £941,954 a household spends over their lives, with mortgage or rent payments making up the bulk of the costs at £321,478.
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