How could our collective energy switch save you money?
BY READERS DIGEST
1st Jan 2015 Managing your Money
Energy has been a hot topic recently, with the Government and many private companies trying to encourage us to switch our supplier. Reader’s Digest has pulled its readers together to help individuals to save money on their energy bills by working as a group.
What is a collective switch?
The scheme works by combining the buying power of all the people who register, encouraging energy suppliers to compete with their best tariffs in order to win you as a new customer.
To date, Reader’s Digest has invited readers to participate in three collective schemes that have helped participants to get a better deal on their home gas and electricity—far better than they’d have been able to get on their own.
How much could I save?
Readers’ savings depended on the amount of energy they used and whether they were on a “good” or “bad” deal before switching. The evidence suggests that there are big savings to be made and the average saving is £353. It is free to join and there’s no obligation.
Stuart Cox from Erith, Greater London, is a prison officer who teaches money management to young offenders. He had already looked on comparison sites but, in his own words, “the deals you get through collective schemes are better than the ones on comparison sites. I get Reader’s Digest anyway and it does help if you have a recognised body supporting it. It gives you confidence. When things are tight, savings like these can just make life easier."
The Cox family isn’t planning to splurge their saving. “I don’t see that I will be spending the saving on anything in particular.” However, Mr Cox is spreading the word with friends and family to see if they too can save some money on their energy.
