Energy regulator Ofgem has published its latest price cap for the quarter starting in July, with it being 7% lower than the current price cap.
The price cap sets maximum amounts that providers can charge on default tariffs for standing charges and units of gas and electricity. Under the new cap, a typical UK dual-fuel household would spend £1,568 a year on energy, a saving of £122 on the current price cap.
While this is the lowest price cap for two years, it is still about £400 higher than it was three years ago before the energy crisis. Money-saving expert Martin Lewis also criticised the structure of the new pricing:
“Standing charges will remain high; they are virtually unchanged. All the cut is via the unit rates. So higher users will see a proportionately bigger cut than lower users […] Though I hear the standing rate consultation results will be published this ‘summer’ (whenever that is).”
While any fall in energy costs is welcome, Cornwall Insight has predicted that costs will rise again as we go into autumn and start to rely more on our heating systems. Summer is a great time to ensure that your heating system is working efficiently ready for when the colder weather inevitably comes.
Xgas can send heating engineers to Chester and other locations around Wrexham to service your boiler, upgrade old inefficient boilers, and install thermostatic radiator valves to heat your home more intelligently. Get in touch to learn more and explore financing options.
