Millions of Australians could be missing out on hundreds of dollars in savings simply by not opening one part of their electricity bill.

Households across the country are overpaying by as much as $467 a year, with the Australian Competition and Consumer Commission (ACCC) revealing 6.7 million homes are not on their provider’s cheapest plan.

WATCH THE VIDEO ABOVE: Aussies overpaying $2 billion on electricity bills

Know the news with the 7NEWS app: Download today

Power companies are pocketing an estimated $2 billion in overpayments annually as a result, but the fix is surprisingly simple.

By law, electricity bills must include a savings box on the front page, showing how much customers could save by switching to a cheaper plan with their current provider.

Canstar finance expert Sally Tindall told Sunrise many Australians are unknowingly ignoring it.

“The average amount that people stand to save is $291 a year,” she said. “That’s for the average household. But we’ve seen bills where it’s listed up to $467 in savings. And that was for a two-person household.”

Despite the potential savings, many customers never see the information at all. The mandatory savings box has been in place since 2023, meaning many Australians could have been unknowingly overpaying for years.

“Electricity bills, they’re written in gibberish, as we know. So a lot of people just open up the email, see the amount that they owe, don’t even open the attached PDF, and then just pay it,” she said.

The rules apply to households in NSW, southeast Queensland, Victoria, Tasmania, South Australia, and the ACT, with providers required to display the savings information every three months.

Regulators have flagged just how widespread the issue has become, with changes coming that will force providers to include the savings box directly in the body of emails, not just the PDF attachment.

The problem is particularly acute for customers on direct debit, who may never open their bills at all.

Tindall said action can be taken in seconds.

“Hit reply to that email that the bill was attached to and say, ‘I would like you to move me onto the cheapest plan’,” she said.

But she warned switching within your existing provider may not be enough to get the best deal.

“Don’t reward their loyalty,” Tindall said. “Sure, fire off an email, give them a call. But think about comparing and switching to a provider that’s going to give you even bigger savings.”