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Gas and Electricity Price Trends so far in 2021 for the United Kingdom

Personal_Finance / Household Bills May 05, 2021 - 10:38 AM GMT

By: Dylan_Moran

Personal_Finance With all of the major suppliers increasing their prices, consumers are becoming stressed in the United Kingdom. No one is certain what lies ahead and if the recent price increases will continue for the rest of 2021. With the average increases rising around £96 a year, people are feeling the sting to their wallets. Many are looking to experts to impart wisdom on what can be expected as the year goes on.




Why Are Energy Prices Rising So Dramatically?

Ofgem has recently lifted the price caps that were on standard tariffs. Now, the prices have gone back to pre-pandemic levels, prompting many people to feel concerned. Starting in April 2021, the removal of the cap caused prices to rise from £96 to £1,138 for around eleven million customers on the dual fuel tariff. Prices went from £87 to £1,156 for around four million customers who are on a prepayment meter plan. With such a rise in prices, many consumers need to compare business energy suppliers.

Ofgem introduced its energy price cap in 2019. This cap was designed to help protect individuals from unfair tariff hikes. Now that this cap has been removed, what will happen to customers who cannot afford their energy bills?

Rising Energy Costs Are Leaving Households Worried

Because of the pandemic, households are spending more time at home than ever before. This means more electronic devices being used, and higher usage means increased costs. In addition to increased usage, the caps were lifted at the worst time of the year, during the first quarter. This period is typically when households use around 30% of their energy for the entire year.

Many people are concerned their utilities will be shut off for non-payment. With some still being unemployed due to the pandemic, the risks of people losing their electricity are increasing. So, can anything be done about these rising costs or are households simply going to be left in the dark?



How Can Households Lower Their Energy Costs?

Energy-saving tips are more important than ever before for households that are dealing with rising electric costs. By taking these tips and using them, individuals can begin to lower their costs and find relief from the increasing bills they are being sent.

  • One thing many households can easily do is to turn off standby appliances. Doing this one step alone can save households as much as £30 a year.
  • Installing programmable thermostats can also be helpful for saving money on energy costs.
  • Simply turning the heat down by one degree can save households as much as £80 each year.
  • Using energy-saving lightbulbs is also an important step for saving money. It is estimated households can save as much as £80 per year.

Less usage will equate to bigger savings. Even small steps can add up to big ones when it comes to saving money on energy costs. Simply cutting off lights that are not needed can also help. The more little steps a household takes to cut their costs, the less stress they will feel when prices begin to rise.

Conclusion

Staying abreast of the latest energy costs is more important than ever for households in the United Kingdom that are facing an energy crisis. Households have the right to survey their options and discover which ones will offer the best rates on energy costs. Choosing the lowest price can save households a lot of money each year.

By Dylan M.

© 2021 Copyright Dylan M. - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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