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What can you expect from the Energy Price Cap in 2024?

Find out more updated information on the Energy Price Cap in January 2024 and what you can do to prepare for it.

The Energy Price Cap is set to increase in 2024

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Ofgem has confirmed that the Energy Price Cap will go up by 5% in January 2024

This means that the annual energy bill for a typical dual-fuel direct debit household in Great Britain will increase from an average of £1,834 to £1,928 (£94).

‘Recap’ on the Energy Price Cap

The Energy Price Cap is set by the UK energy regulator, Ofgem, and it’s 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.

Remember: while we talk about ‘typical bills’ and give figures as examples, the Energy Price Cap does not 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.

What can you do to improve energy efficiency in 2024?

With January around the corner, UK households should brace themselves for the increase in fuel bills.

If you haven’t already installed cavity wall and loft insulation in your home, it’s worth finding out how quickly and easily this can be done. Making your home more energy-efficient is one of the most  cost-effective ways of reducing your fuel consumption.

Or simply book a free survey now – there’s still time to get your house insulated before energy prices go up again!