The energy price rise from April 2022 has left a lot of people worried about their finances. That’s partly because it has come at the same time as a cost of living crisis, with inflation outgrowing wages. Unfortunately, it’s not the last time they’ll be going up either.
Read on as we explore what’s behind another energy price rise and how to prepare for it.
As a quick recap, the first energy price rise was down to a global shortage following reduced production through the pandemic. With supplies struggling to keep up with demand, wholesale gas prices rose.
To avoid the energy companies having their profits hit, the government decided to raise the cap on energy prices for consumers. It was raised by 54% from £1,277 to £1,971 a year. That meant the companies could pass on the extra cost to consumers.
It seems like the same is set to happen again, this time in October 2022. According to Ofgem chief executive, Jonathan Brearley, Russia’s invasion of Ukraine has led to worse conditions in the global gas market.
In response to this, it’s expected that the price cap will be increased again to an estimated £2,800. That’s a further energy price rise of over 40%, which will no doubt hit homes hard across the UK.
By now, it’s clear that sky-high energy prices are here to stay. With that in mind, the best way to prepare for the October price rise is to reduce the amount of energy you need. In other words, make your home more energy efficient. Here’s how:
You’d be surprised how much more energy is used by an old boiler compared to a newer model. If your boiler is past its best, now is the time to bite the bullet and upgrade to an energy-efficient replacement.
If you want to really cut down on the amount of gas you use, why not swap your gas-burning boiler altogether for a heat pump? Considered the successor to gas boilers, heat pumps generate heating and hot water renewably, from either the air or ground. The only running cost is the small amount of electricity used to make the process possible.
If you’re paying through the nose for heating, you want to make sure it stays in your home. There are several types of insulation that can help you achieve that. While most homes have adequate loft insulation, wall insulation is something many are lacking.
At CorkSol, our exterior wall covering and internal coatings are proven to reduce heat loss by up to 30%. With a 25-year guarantee, you’re assured of those insulation benefits for years to come – not to mention the additional soundproofing and damp resistance you’ll enjoy.
Want to find out more? Call our team on 01484 442420 or email [email protected].
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