Massive electricity & gas price rises, have been followed by food prices going up and now the cost of other home services like broadband, phone and other essentials are set to rise.
The governments ‘Energy Price Guarantee’ was introduced over the winter to help struggling families and households with the cost of energy. The EPG was extended in the March 2023 budget, effectively subsidising the cost of household energy (electricity and gas) until July.
WHAT IS THE ENERGY PRICE GUARANTEE?
The EPG protects UK consumers from increased energy costs by limiting the amount suppliers can charge per unit of energy used. The EPG brings the cost of dual-fuel gas and electricity down to:
*Based on regular use for an average home. Note: large homes and big energy users will likely pay more than this.
Most energy providers have withdrawn new energy deals and postponed fixed tariff deals until the EPG (Energy Price Guarantee) comes to an end in July.
Wholesale energy prices have started to fall, this should lower consumer prices over the next couple of months. New electricity and gas deals should become available in June. This will give UK households the chance to compare energy deals and provide new opportunities to switch energy supplier & tariffs.
HOW TO FIND A CHEAPER ELECTRICITY & GAS DEAL
Energy price comparison website wowcompare.co say although there are no deals for electricity & gas at the moment. New energy deals should launch in June ready for when the EPG scheme ends.
Nick from WOWCOMPARE believes energy prices will fall but remain higher than we’ve been used to in the past.
“June will be a good time to start comparing offers, historically mid-summer energy prices are at their lowest level. If wholesale energy prices continue to fall we should see new energy deals with price levels that are more affordable. Unfortunately, it’s unlikely prices will drop back to 2019 – 2021 levels.”
Nick believes shopping around will be increasingly important going forward and that fixed tariff energy deals could be the best option for many households seeking to budget for annual energy costs.
WOWCOMPARE – Compare electricity & gas offers from energy providers (new offers available in June 2023).
WOWCOMPARE – Compare broadband prices in your area
WOWCOMPARE has published its ‘Great Energy Saving Guide’. The guide provides many tips to help you reduce energy use and lower the amount of electricity & gas you use at home.
By implementing some, or all of the tips, you can start reducing energy use at home and hopefully cut £100’s from your energy bills.
Utility Warehouse or UW are a multi-play utility and home services provider. UW provide electricity, gas, broadband, home phone and mobile phone services all administered via a single account & all billed together but itemised on one single monthly bill.
You can choose to sign up for just one service or for as many services as you need, the more services you take with UW the more you could save – As UW say “it’s better to bundle”.