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. Try these smart meter tips to lower your energy bills—otherwise, expect to pay a regulated tariff based on average use.
You do have the option of:
- Solar Panels
- Battery Systems
- Or both.
Solar panels absorb UV from the sun, convert it into energy, and directly power your home efficiently every day.
Battery systems, will integrate into your home, and pay and store energy during off-peak hours, usually around 12:00AM.
Use stored energy during peak hours to avoid paying high tariffs and keep your electricity costs low.
Find out more about how energy could reduce your energy bills by talking to one of the team, here.
Read this new Cornwall Insights article to discover if your energy bills will rise and by how much.