The Government has postponed the end of its support scheme for energy bills, giving us all welcome breathing space. Now is the time to make the most out of stored credit and switch energy providers, say energy saving experts.
June could bring yet another big change to our finances.
The energy price guarantee (EPG), which keeps households from feeling the full effect of higher wholesale energy prices, will stay at its current level before ending this summer.
While the EPG will no longer rise in April, as originally planned, now is no time to rest on our laurels. The monthly Cost of Living payments that were granted to every household to help with energy bills, will stop at the end of March.
Gareth Kloet, spokesman at comparison site Go Compare Energy, says that the increase will push up the average dual fuel energy bill from £2,500 to £3,000.
“Many people in the UK will already be paying over the odds for their energy, so thinking about a further 20% increase will be a bitter pill to swallow,” he says.
None of us can do much about the Government energy policy. But by understanding the guarantee and making changes to our usage, we can bring down our own costs and keep our finances on track.
How the EPG works
Energy prices have risen substantially due in large part to the war in Ukraine. The EPG protects domestic energy from some of these increases by guaranteeing that we will not be charged over a certain rate for our energy. The government picks up the bill for costs above these set levels.