With news that the Royal household is struggling to make ends meet, Gocompare.com has worked out that the British monarchy could save nearly £50,000 of taxpayers’ money if they switched energy providers for Buckingham Palace alone.

The Public Accounts Committee has reported back on the state of the Queen’s finances and has found that the Royal household has overspent to such an extent that it now has only £1 million surplus in its accounts, the lowest level in history.

The report said that the Queen’s “antiquated” boilers are more than 60 years old.

Margaret Hodge, the Labour chair of the committee, said: “We got the impression that they just haven’t tried to make greater savings. Here we are, all in it together, but they are failing to seek better value for the Queen.”

So, in the interest of saving the nation a few pounds, Gocompare.com has delved into the Queen’s household bills and worked out ways she could save by switching.

Buckingham Palace has 775 rooms and 78 bathrooms – the Public Accounts Committee report (released January 28) states that during last year the palace’s electricity consumption increased by three per cent and its gas consumption increased by 14 per cent.

The electricity bill for Buckingham Palace and the Royal Mews was £312,000 and the gas bill was £462,000.

Last year a thermal image of Buckingham Palace revealed that it was one of London’s worst performing landmarks when it comes to energy efficiency.

Gocompare.com energy experts have estimated that if the Royal household switched energy providers for Buckingham Palace alone they could save more than £48,000 a year.

Jeremy Cryer, GoCompare’s energy spokesperson, said: “This story just goes to show that even the grandest home in the world could save on energy bills by making a simple switch to a better tariff.”