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A collective switching scheme launched today could see 1.2 million consumers change their energy supplier, according to MoneySavingExpert.com.
The consumer website is running the collective switch and claims that members of its Cheap Energy Club could cut their annual energy bill by up to £230.
Members are being offered a 12 month fixed deal for £950; a three year fixed tariff at £1,099 per annum; or a green tariff for £1,055 per year.
These all undercut the annual cost for someone on an average big six standard tariff of £1,180.
“We’ve managed to use the bulk power to negotiate tariffs that substantially undercut anything else being offered on the open market,” said MoneySavingExpert.com creator and founder Martin Lewis.
The website will also give £30 dual fuel cashback to consumers from the revenue it generates from switching the energy customers, “further increasing the saving”.
Lewis added that they would also monitor people’s prices and inform them when they can save by switching again, to ensure consumers are not “dumped on to a more expensive tariff once the cheap rate ends”.
Energy minister Ed Davey said he saved £240 when he took part in collective switching last year and encouraged consumers to participate in the schemes after a Department of Energy and Climate Change (Decc) report showed collective switching saved consumers £2.7 million.
“Everyone should check their energy bills and see whether they could save money by teaming up with their neighbours or by joining a club scheme,” he said.
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