Energy regulator Ofgem recently advised that energy price rises are on the way. So what can you do to help keep your energy bills as low as possible?
Last month’s news1 that the energy regulator Ofgem will be lifting two price caps in April came as an unwelcome surprise to households across Britain.
With the previously protective price caps removed, the ‘Big 6’ energy suppliers are now set to raise the prices on default tariffs.
It’s predicted that this will affect around 15 million households across the UK, with higher energy bills expected from April.
Ofgem has explained that the removal of the price caps is down to rising wholesale energy costs, and not due to the energy companies raising prices themselves2.
But the impact for average households on default tariffs will be the same – an increase of over £115 a year to cover the higher energy bills.
So what can you do to get ready for price cap changes and the energy price rises in April?
Energy price caps are a government policy meant to protect the vulnerable and those who have stayed with the same energy supplier. |
The energy regulator Ofgem sets maximum prices for the gas and electricity that is delivered to people who haven’t switched suppliers and who are on default tariffs. |
Ofgem sets the cap based on the unit price of energy for electricity and gas and a maximum standing charge. |
Energy companies cannot charge default tariffs that are higher than the maximum set by Ofgem. |
The expected prices rises of around 10% will mean a re-think for many householders. Martin Lewis of Moneysavingexpert3 has already advised switching energy providers to try and find the best tariffs on the market.
Another way to reduce energy bills is to check your home is well insulated.
You can get trusted recommendations from InstaGroup’s expert surveyors when you book a no-obligation home energy assessment. Our tailor-made solutions are designed to help protect your home from any future increases in energy prices.
We work across the south-east and south-west to improve the warmth and comfort of homes – and save our customers money too.
With energy price rises on the horizon it’s worth knowing that installing Loft insulation alone could save you around £1304 a year on energy bills. Adding Cavity Wall insulation can offer household savings of around £1455 every year.
Depending on the size of your property our effective Solid Wall insulation (also called External Wall insulation) could cut an estimated £115-4156 off your energy costs.
Could you get an insulation grant?
With our experience in arranging insulation grants for customers we could help you to access government-backed schemes such as ECO. If we find that you qualify for an ECO grant it could cover the cost*of installing your insulation.
To find out how you can start guarding your home against future energy price rises get in touch now or call the friendly InstaGroup team on 0800 023 2944.
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