With energy bills being a hot topic in the news, this month we’re answering all of your questions on anything energy. Recently Ofgem announced a new price cap, meaning the typical energy bill became around £122 cheaper, on an annual basis. However, further increases have been predicted to arrive later in the year. Here’s what that means for you.
When will energy bills rise?
Unfortunately, as we move into the autumn, and winter, a rise in energy bills will come around, right as the nation begin to use more, and more energy.
This is because Ofgem review their energy caps every 3 months (quarter), so while energy is currently the lowest it’s been in two years, this will be set to rise in October 2024.
How much more will my energy bills be?
Some sources predict that energy prices will increase by 10% on an annual basis, meaning the average family could be paying £155 more per year, leaving many families vulnerable just before the winter period.
How can I reduce my energy bills?
There is no quick way to reduce your energy bills. There are some tips, and tricks you can do to marginally reduce your energy bills if you’re on a smart meter, but if you are not you’ll be paying a regulated tariff based on average consumption rates.
You do have the option of:
- Solar Panels
- Battery Systems
Or both. Solar Panels are powered by UV from the sun, and use it to generate energy, and use it to power your house. Battery systems, will integrate into your home, and pay and store energy during off-peak hours, usually around 12:00AM. Then whenever you use energy during peak hours, you already have energy ready to go, and do not need to pay full price/high tariffs for your energy.
Find out more about how energy could reduce your energy bills by talking to one of the team, here.
To find out more about if your energy bills will rise, and how much by read this new article from Cornwall Insights.