UK households could reduce their annual energy bills by more than a fifth (21 per cent) by switching their traditional energy supplier to the cheapest available producer.
This could see an overall saving of up to £3.8 billion for the nation and a potential saving per household of £300 a year.
Indeed, research by MoneySupermarket revealed that regional differences in the savings to be made from switching to the best deal.
This showed that of the UK's 14 regions, bill payers living in North Wales and Liverpool region who are still customers of their original energy supplier have the highest average annual bills of £1,444 for their dual-fuel bills.
However, it is bill payers living in the south-east who can make the biggest saving by switching supplier - £385 or 27 per cent.
Of course, this is not the only way to save money on your energy bills, as switching to different, more efficient products in the household can help.
The likes of LED ceiling spotlights will help you to make significant savings on your bills in the long run, which is even more important lately as the big six suppliers have all increased their prices in the last few months.
Editor-in-chief at MoneySupermarket Clare Francis said the current cold snap throughout the country will no doubt have seen an increasing amount of people dialling up the thermostat, which will inevitably increase bills.
"As well as saving money by switching tariff it's also worth thinking about how you use energy at home.
"Making simple changes such as doing your washing at 30 degrees rather than 40 or 60, and turning appliances off as opposed to leaving them on standby, can result in significant savings over the year," the expert commented, before adding that some of the "money can be clawed back" by switching.
