On 1 October 2023, energy tariffs fell slightly, which will mean a price drop of around 7% for those on a variable tariff. However, as this coincides with the colder months of the year, when customers will be switching on their heating and lights more, those on a variable tariff will notice their monthly bills increasing significantly, despite the slight fall in price. If you pay for your gas and electricity by Direct Debit, your bills should have been higher throughout the summer months, in order to build up credit on your account to take you through the winter period.
In both cases, however, without the extra government payments that the majority of customers received last winter, monthly bills will still be significantly higher than the same period last year.
The energy price cap changes every 3 months, so the latest announcement will apply from 1 October to 31 December 2023. Unfortunately, the price cap is expected to rise again in January 2024 so it’s important to keep looking for ways to reduce your energy consumption:
- Save The Planet
You can save money and save the environment by making small changes that lead to big energy reductions. Check your windows and doors for drafts that could let heat escape. If you haven’t already got it, check if you’re eligible for free loft and cavity wall insulation from your energy provider, or from your local council if you are a council tenant. Place reflective panels behind your radiators to keep heat in. Little changes, like turning the thermostat down a few degrees and opting for a warm jumper, or turning off electronics completely when not in use, can add up to big savings.
- Go Paperless
Some energy providers offer rewards for switching to paperless billing. You can save up to 10% on your bill by switching with some companies. Check if yours offer anything for switching to email bills and statements by visiting their website.
- Check your Meter
Check your meter reading every time you get an energy bill to make sure their estimate is close to the actual reading. They’ll correct any difference when they read your meter themselves, but if they over or under estimated the cost during the year, they could either have your cash tied up in your account for months or give you a surprise bill after your meter reading.
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