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Artificial intelligence (AI) is being applied to a new online tool that claims it can save users money on their energy bills by constantly monitoring the best rates for you.
Called Myia, the new service takes a user’s key energy bill details – supplier, tariff and last bill cost and then searches the markets for the best rate for you.
However, unlike comparison sites, where it’s necessary to regularly go back and keep checking for a better deal, Myia scans the markets automatically and alerts users via email or text each time a new, better offer becomes available.
It them offers you the chance to switch.
The software was developed in New Zealand by tech firm MyWave, who say their research shows it has already saved customers there 10-15% on their energy bills. They also say they believe that figure will be higher in the UK.
MyWave founder Geraldine McBride said: “There are 27 million households in the UK, yet only a fraction of these are switching their energy bills to get the best deal. This is the result of unnecessary friction and causes significant waste in the UK energy market.
“Myia revolutionises the way household energy is bought and sold by bringing about a more efficient market place which better serves customers.
“As a consumer, you are now able to save hundreds of pounds per year on bills and get time back in your life to enjoy the things you love.
“Energy retailers will also benefit as they can better understand their price points, bring in useful related services that add value to their offering and ultimately better serve their customers.”
