Energy Price Cap to Surge by 10%: So ‘Watt’ Now?

It’s no secret that energy prices have been giving UK households a bit of a ‘shock’ over the last couple of years. The rollercoaster ride isn’t over yet though. This year, January brought a 5% increase to the energy price cap, and while we saw some temporary relief with a 9% drop in April and another 7% dip in July, it wasn’t quite the breather we were hoping for when standing charges shot up by around 13% for electricity and 6% for gas. Looking to the future which unfortunately, seems to appear a little dim, consumers are gearing up for another 10% rise in October and another potential rise of an extra 3% in January 2025. In fact, if you compare this winter’s costs to pre-energy crisis days, prices have almost doubled. So, “watt” can we do about it? Let’s flip the switch on those rising bills.

Switch and Save If you want to stay on top of rising energy costs, switching providers might be your best bet. But before you rush to compare rates, make sure your meter readings are up to date—especially if you’re not on a smart meter. Once you’re readings are up to date, ask your provider for your annual consumption and cost data. Got a smart meter? No problem. This information should be up to date and you can find it on a recent statement or bill. For pre-payment customers, you may need to call your provider to retrieve the details. Having this data will enable you to make a clear comparison between your current costs and what you could be saving – a ‘power’ move in the fight against rising bills!

Consider a Fixed Tariff Another bright idea is locking in a fixed tariff. Sure, variable tariffs might look cheaper now, but keep in mind that prices will change as the market fluctuates. A fixed tariff may seem higher upfront, but with those upcoming price hikes, it could end up saving you money in the long run. It’s like current-ly paying a bit more to avoid getting zapped by bigger bills down the road. So, before you make the final decision, do the maths! If a fixed rate is going to keep your costs more stable (and your stress levels lower), then it’s a good idea to lock it in while you can.

Need Help? Feeling a bit ‘overcharged’ and don’t know where to start? Are you still unsure of exactly how to run an exact cost comparison? If you’re struggling with rising energy costs, understanding confusing energy bills, or just need some free, friendly advice, head to www.utilitiesconsultancy.com for expert advice and support.