Energy consultancy firm Cornwall Insight has published its final prediction for Ofgem’s July price cap, with it being 7% lower than it currently is.
The price cap currently determines what most households pay, although fixed-price deals are starting to emerge in the market again. At the current price cap, a typical dual-fuel UK household would pay £1,690 in energy costs, but Cornwall Insight predicts this will drop to £1,574 in July.
While the reduction may seem minor, it follows a series of drops in previous quarters. Cornwall Insight’s principal consultant, Dr Craig Lowrey, said about this:
“When faced with headlines announcing minor changes to the cap it can be easy to overlook the broader trend of declines. Our projections suggest that from July, the average annual bill will fall by around £500 compared to last summer, offering further relief given the quarter-on-quarter drop seen in April.”
Nevertheless, he pointed out that household energy bills would still be hundreds of pounds higher than they were before the energy crisis, so the problems caused by high energy bills will not be entirely solved.
While the price cap is often expressed as the total yearly cost for an average home, your energy consumption is what ultimately determines your bills. Heating is by far the biggest part of your yearly energy costs, so an efficient heating system is vital for keeping the bills down.
Xgas can provide heating engineers to Chester households for a range of services to optimise your heating system, such as replacing or servicing boilers, powerflushing radiators and installing thermostatic radiator valves.
