The Big London Energy Switch has been launched for the fourth time by London councils, to find the city’s residents the best deal on energy and gas.
The scheme, which is run by 23 inner London councils see various companies offer prices in an online auction which are lower than what applicants are currently paying.
Val Martin, energy advisor for Islington council, said:”Last year Sainsbury’s won the bid as the cheapest energy provider. On average, customers saved £100 a week.”
The Big Energy Switch offers applicants a cheaper deal on their energy by comparing different energy bids by companies and finding the company that offers the best deal.
The scheme aims to help those who are afraid to switch, those that don’t trust suppliers or those that don’t have the time to compare suppliers.
This is the fourth time the scheme has run. The first was in April 2013, the second in June and the third last November.
Andrew Whelan, head of the energy management team at Enfield Council, said: “[The scheme] makes it simpler to get the best deal. The auction avoids the customer having to do a lot of the ground work i.e. contacting different suppliers and getting different quotes.”
How the Big London Switch works
A one day auction on bids will take place on 18 February for all registered customers.
After the auction, customers will be provided with a personal calculator which will work out the best deal for them from the lowest company bids.
The utility company that has the best deal for the customer will complete their switch by mid May.
Andrew said: “The last auction in November saw over 13,600 register and achieve an average saving of £167, higher than £122 for the previous auction in April.”
Anyone who pays a household bill can sign up to the scheme.
The councils are hoping to repeat the scheme later this year.