Read our explanation on the Energy Price Cap, how it is set to increase in October 2024, and its impact on UK households and their energy bills.
The Energy Price Cap is increasing in October 2024
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‘Recap’ on the Energy Price Cap
The Energy Price Cap is the maximum price that suppliers can charge you for energy. It limits how much you pay for each unit of gas or electricity you use, as well as how much you pay for daily standing charges. However, it doesn’t limit your overall bill, just the rates you’re being charged at. So, the more gas or electricity you use, the more you will still pay.
UK energy bills are on the rise in October 2024
The Energy Price Cap set by Ofgem is increasing by 10% in October 2024. According to the regulator, the cap will be set to £1,717 per year for a typical dual-fuel direct debit household between 1 October 2024 and 31 December 2024. This is a £149 increase compared to the current price cap ending in September 2024 (£1,568).
Impact of the Energy Price Cap on households
With energy costs set to rise this winter, we’d like you to understand what factors affect your energy bills and what you can do to cut costs in the long run. Your fuel bills depend on multiple factors, such as:
- Energy consumption of the household
- Energy efficiency of the property and its electrical appliances
- Number of people living in the property
- Size of the property
However, there are other worthwhile ways for you to prepare for the increase in fuel bills in October. According to the Energy Saving Trust, installing insulation as part of your property maintenance is an effective and efficient way of cutting yearly fuel costs while also adding value and comfort to your home.
Find out more about Viridian’s cavity wall insulation services and choice of product on our dedicated page. For a complete loft transformation, check out our loft package deals which will not only provide you with the energy efficiency required during the cold winter months, but also with valuable and secure storage space for your items.
Book a free survey today – insulate your property before prices go up again! If you’re interested in our loft package deals, our dedicated tool will provide you with a fixed loft quote. It’s simple, stress-free, and quick!
