Household energy bills set to increase by an average of £149 per year from October 2024

by Jonny Christmas, Head of Marketing | published 23 August 2024

We’re pleased to share an update from the Government regarding the Boiler Upgrade Scheme.

It was announced this morning that a typical household energy bill will increase by £149 per year from October 2024 onwards. This is a fresh reminder of the urgent need to become energy-independent.

The price cap, set by the energy regulator Ofgem, affects the price paid for both gas and electricity used across 27 million homes in England, Wales, and Scotland. This increase is significant news and it confirms our fears that gas and electricity will once again become more expensive, affecting all of us. Energy analysts are already predicting a further rise in energy bills from January 2025 onwards.

Ofgem said this price increase is the result of rising prices on the international energy market, owing to increasing geopolitical tensions and extreme weather driving competition and demand for gas. The cost of electricity is increasing as wholesale electricity prices are linked to the price of gas.

What does the price increase mean for me?

• The price increase of £149 kicks in from 1^st October 2024. This is an average based on a typical household using 2,700 kWh of electricity per year.
• If your household uses more electricity, say approximately 5,400 kWh per year, then the price increase will be almost £300, hitting you doubly as hard.
• The electricity price cap is increasing by 9.6%, from 22.36p per kWh to 24.5p per kWh. 6% increase
• The gas price cap is increasing by 13.9%, from 5.48p per kWh to 6.24p per kWh.
• Standing charges for both gas and electricity are also increasing by 1p per day. This is a fixed daily charge covering the costs of connecting your property to the supply.
• An average calculation to work out what you’ll have to pay this autumn is to add 10% to your current energy bill.

Now is the time to switch to renewable energy

This latest increase in energy costs will not be the last. Take control of your energy costs today and decarbonise your home by switching to renewable energy alternatives.

There are so many benefits – it’s your chance to become energy independent!

Benefits of Solar energy

✔ Take control of your energy costs

✔ Cut your electricity bills by up to 92%

✔ Significantly reduce your carbon footprint

✔ Generate zero-cost solar electricity

✔ Reduce your dependence on the national grid

Benefits of Air Source Heat Pump energy

✔ Take control and reduce your gas usage

✔ Reap the benefits of having a system that is 350% more efficient

✔ Enjoy huge savings on your gas bills

✔ Reduce your dependence on the national grid

✔ Claim a £7,500 Government Grant today!