What the Jan 2024 energy price cap increase means for you
It’s now more expensive to run your home. But there’s plenty you can do to combat price rises.
The price of energy has gone up. The change isn’t nearly as high as in previous years but it’s still worth knowing about.
Here are the details...
Changes to the energy price cap
The energy price cap is set by Ofgem, the energy regulator. It limits the amount energy suppliers can charge you per unit of gas and electricity.
Annual cost for a typical household (2-3 bedroom house):1
But that’s just an estimate. To get a more accurate idea for your home, you’ll want to know the following...
Gas price changes:
Electricity price changes:
To put that into perspective, running a 2.5kWh tumble dryer for an hour cost around 68p last year. Now it’ll cost around 72p. That’s nearly a 5% increase which, given the rising cost of living, will be unfortunate for many.
How does the change compare to previous years?
The cost of energy has changed drastically over the last few years. Fortunately, this change is one of the smaller ones.
Here’s how things compare...
When will the energy price cap change next?
Ofcom changes the energy price cap every three months (it used to be six) so it will next change on the 1st of April 2024.
Could you make savings elsewhere?
There are lots of ways to reduce your energy bills. Here are a few you could try right now...
- Lower your thermostat an extra 0.5C (could save £75 per year)2
- Shorten your hot water schedule (every minute costs money)
- Reduce your boiler’s flow temperature to 60C (could save £112 per year)3
Read 9 more tips in our article, How to improve home energy efficiency (ranked from low to high cost).
If you’re looking to make more significant savings, insulating your home effectively is one of the best ways to reduce your energy bill. Installing solar panels or other efficient energy generating systems can also make a significant difference.
Your options will depend on your home, budget and personal preferences. And it’s never been easier with Snugg’s latest features: Quick Wins Plan focuses on more budget-friendly measures, Downloadable Plans allows you to export a PDF for easy reference, and Progress Tracker helps you monitor each stage of the installation.
Find out how much you could save, including which types of efficiency installations will make your home more energy efficient, in just minutes using Snugg. Just hit the link below to see your options.
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