The latest energy price cap rates announced by Ofgem came into force on 1 July 2024 and have seen the price of gas and electricity reduce by an average of 7%. Clearly, this is good news and welcomed by households across the country. However, energy bills for many are still significantly higher than they were before the energy crisis.
The pros of a reduced energy price cap
A reduction in the energy price cap is welcome news and means that direct debit customers have seen their bills reduce by an average of 7.2%. Reductions are slightly less for prepay customers at 6.9%.
The price cap is reviewed every three months, so the current limit will remain in place until September 2024.
What might change?
Some energy experts believe that energy bills will rise again in October 2024, with some forecasts predicting an increase of 12%. It is thought that these price rises will remain steady until March 2025, which means that a typical household can expect to pay £1,762 per year for their energy.
What can I do to reduce my energy bills?
Energy costs are high and it is putting the finances of households across the country under a lot of pressure. In addition to simple fixes that can help you to reduce the amount of heat your home is losing (for example, draught excluders and weatherproof tape to close gaps around windows and doors), now could be a good time to consider investing in renewable energy solutions like solar panels.
There is a range of experts available to install solar panels Gloucester, such as https://gsmlimited.com/services/solar-panels/gloucester, with the skills and knowledge to help you to reduce your dependence on the National Grid and lower your bills over the long term. Always do plenty of research before selecting a solar panel provider, as this is the only way to ensure that your solar panel system will meet the needs of your household.
You may also want to consider switching to a fixed deal for your energy, as this can provide an additional layer of certainty over your bills.
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