Energy customers have been urged to ensure they understand the Ofgem price cap amid fears the bills could rise in 2024, although smart home providers BOXT fear it could be higher still
Energy customers have been urged to make sure they do not pay more than necessary by ensuring they understand how the Ofgem price cap works amid fears of rising prices coming next year.
People have been warned they could face high bills in 2024, with the widespread quoted predictions and forecasts from analysts being the typical usage figure, based on the unit price of energy. The regulator, Ofgem, has changed what it considers average use and under the new predictions households face paying £1,834. However, smart home systems provider BOXT is forecasting the bill will actually rise more still, to £1,898.
Birmingham Live reported Andy Kerr, founder of BOXT, saying: “Consumers should remember the Ofgem price cap does not set the maximum a household will pay on their energy bills and need to remain vigilant about their usage to avoid receiving an unexpectedly costly bill. As we head into the colder winter months, there are still concerns that consumer energy bill prices will remain high this winter.
“Whilst there are steps consumers can take to monitor their consumption, the global cost of energy is beyond their control. Because of this, people in the UK have been urged to start thinking about longer-term investments into improving the energy efficiency of their homes and being more self-sufficient to ensure they are not caught out by changes in unit rates. For this to happen the UK needs to invest effort in helping consumers make their homes more energy efficient by investing more in sustainable energy sources.”
He added to the Express: “Beyond the price cap, the Government needs to work towards improving the availability and affordability of alternative energy sources such as solar panels, and alternate heating systems such as hybrid heat pumps, that are purpose-built to combine a heat pump with an oil or gas boiler, to reduce households’ energy bills in the long term.”
Earlier today it was reported thousands of households can access £7,500 to install a heat pump in their home right away. The boiler upgrade scheme opened for applications in May 2022, offering households a free grant of £5,000 to install an air source heat pump. This has been increased by 50% today, from £5,000 to £7,500.
