It’s a fair assumption to say that over the last two years across the nation, the Covid-19 pandemic has financially impacted everyone. Most people have experienced financial hardship which is still ongoing. And amongst the loss of life, redundancies, illness and complete isolation from all reality- the cost of living has seemed to be on the increase. As we entered a new year, 2022 presented itself as prosperous, offering a fresh start for people across the country to somewhat recover from the effects of the pandemic, and regain financial stability. However, not even two months into the new year, UK energy regulator Ofgem announced that energy bills in the price cap are set to increase dramatically.
What is the Energy Price Cap?
Created in 2019 by the UK government, the energy price cap essentially limits how much individual suppliers can charge each household on their default tariffs. The cap is regulated by Ofgem and is reviewed every 6 months.
Why is it Rising and How Much By?
Alongside the rising cost of living, the increase in the price cap has been authorised by Boris Johnson as he is urged to take measures against the rising cost of inflation and increased interest rates. On the 3rd of February 2022, Ofgem announced that energy price cap in the UK will rise by 54%- meaning that it will increase from £693 to £1,971 per year. The increase has been caused by the soaring prices of wholesale electricity and gas prices- and the almost total rise of 14% has been a record high.
How to Reduce Your Energy Bills.
Turn Off Standby Appliances:
A great and easy way to reduce your energy bills is to turn off any standby appliances. By doing this, you can save yourself up to £30 a year on your bills. Additionally, you can get yourself a timer to schedule when your appliances turn on and off.
Installing a Smart Thermostat:
Making your property a smart home has become a popular choice in the last five years. By adding smart appliances throughout your property, you can have better control over how your property is being used. By installing a smart thermostat, you can massively reduce your energy bills, by controlling your home’s heating and cooling system via your telephone.
Install a New Boiler:
By installing a new boiler, you can save money on your energy bills. Condensed boilers with a programmer and thermostatic radiator controls, you can save around £300 annually.
Be Smart When It Comes to Your Water:
When it comes to the water in your home, most of us are guilty of wasting water. On average, you can save up to £25 a year by using a washing up bowl rather than a running tip, and as much as £18 per person annually by installing a water meter.
Invest in Double Glazing:
Investing in double glazing is a great way to insulate your home and protect it from the cold weather-which is vital in the UK. Not only does it keep the heat inside your home, but it also keeps the noise out- making your home somewhat soundproof.
How to Reduce Your Energy Bills If You Receive the Disability Allowance
Apply for Schemes and Benefits:
For those receiving disability benefits, you can ask for extra government help in order to help you finance your bills, especially throughout the cold months of winter. For example, the winter fuel payment is an annual one-off payment that will help you pay for your heating. The loan is available for those born on or before January 5th, 1953, and depending on your circumstances, you can receive anywhere between £300-£500.
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