23 AUG UPDATE: Average annual energy bill to rise by 10% to £1,717 in the UK from October 2024
Get ready for a shock to your wallet. Energy prices are on the up again, and it looks like they’re going to keep climbing.
Energy prices are expected to rise again in the UK ahead of the winter months, according to the consultancy firm Cornwall Insight. The forecaster predicts that a typical household will pay £1,714 a year for gas and electricity from October 2024, a significant increase from the current annual bill of just £1,568.
This rise comes as the energy regulator Ofgem is set to announce the next official price cap on Friday 23rd August 2024. Charity groups have expressed concern about the potential impact of rising prices on vulnerable households.
While the price cap is adjusted every three months, it is typically illustrated as an annual bill for a typical household. It’s important to note that actual bills can vary depending on many factors like property size and energy usage.
The global energy market’s volatility is a major contributor to rising household energy costs. Wholesale energy prices have increased by about 20% in recent months, which is reflected in consumer bills.
For those looking to secure their energy tariffs, Cornwall Insight suggests that the average saving from the top 10 cheapest energy tariffs on the market in August is only £5 a year compared to the default price cap tariff. However, this situation might change in the coming weeks.
Winter Outlook and Government Intervention
Looking ahead, Cornwall Insight anticipates further price increases during the winter months in the UK. While a modest rise is expected, escalating tensions in the Russia-Ukraine war could lead to more significant price hikes.
The charity National Energy Action warns that any price increases, combined with reduced government support, could push households to their financial limits.
As energy bills continue to rise, there’s growing pressure on the government to intervene and provide additional support to vulnerable consumers.
What you can do
But here’s the good news (or bad news, depending on how you look at it): there are a few things you can do to try and save some money.
- Consider switching tariffs: While the savings might not be huge right now, it’s worth checking out different energy suppliers to see if you can find a better deal.
- Be mindful of your usage: Small changes, like turning off lights when you leave a room, not leaving your TV on standby or using energy-efficient light bulbs, can make a difference.
- Look for government support: Keep an eye out for any government schemes or grants that can help you offset the cost of your energy bills on the UK government website.
- Get solar panels: Now might be the best time to invest in getting a solar panel system with battery storage installed by MCS Certified Solar PV Installer NXTGEN Energy Limited.
It’s a tough time for many households, but with a bit of planning and effort, you can hopefully weather the storm.
NXTGEN Energy – Your Trusted Solar Energy Partner 💚
If you are interested in installing solar panels at your home or business, contact us today on 01268 928 690 or via the ‘Enquire Now’ button below. We are an accredited MCS installer of solar panels and battery storage solutions so we can install your complete Solar PV System to MCS Standards and we can help you with every step of the process, from a free no-obligation quote and solar PV system design service to installation to aftercare.
FAQ: Rising Energy Prices
The energy regulator Ofgem is set to announce the next official price cap on Friday 23rd August 2024.
Cornwall Insight predicts that a typical household will pay £1,714 a year for gas and electricity from October, a significant increase from the current annual bill of £1,568.
The global energy market’s volatility, particularly due to the Russia-Ukraine war, is a major contributor to rising household energy costs.
Keep an eye out for any government schemes or grants that can help you offset the cost of your energy bills.
While the savings might not be huge right now, it’s worth checking out different energy providers to see if you can find a better deal.
Small changes, like turning off lights when you leave a room or using energy-efficient appliances, can make a difference.
Now might be a good time to consider investing in a solar panel system with battery storage. However, it’s important to consult with a professional like NXTGEN Energy to assess the feasibility and potential savings for your specific situation.
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