World Oil Prices Drop, Energy Bills Stay The Same???
In 2014, world oil prices dropped by 47%, in 2015 they dropped by 30%...
while electricity and gas bills in the UK and Ireland remained largely the same. So why are these huge cost savings not being passed onto customers?
One simple answer, customers are not shopping around enough. In the UK less than 20% of electricity customers change supplier on an annual basis, with a huge number never having changed supplier. This is a once in a life time opportunity. Global energy prices will rise in the future, that is almost a certainty, so getting the best value energy supply and reinvesting your savings in energy efficiency and renewables is common sense. This is especially true for businesses. A typical hotel might spend a few hundred thousand on electricity and gas each year. Even saving a few percent on these bills can result in tens of thousands in savings which should be reinvested into additional saving measures. Good for the wallet but also good for the planet. Available electricity rates in the UK are now lower than 9.8 p/kWh with standing charges of ~23 p/day with Gas rates less than 2.5 p/kWh with standing charges of ~16 p/day. All prices inclusive of VAT. The average UK house uses 3,100 kWh of electricity and 12,500 kWh of gas each year according to the regulator (OFGEM). So if you've never shopped around before. Now is a better time than ever before to make significant savings. Using EnergyElephant can help you further understand your energy bills. Just visit or download our app for more: https://energyelephant.com/app