The summer is well and truly over with winter fast approaching. And with it comes the colder weather and a need to turn up the thermostat to keep warm in your home. Unfortunately, despite our best efforts, energy bills spike in the winter months.
But to make news even worse, the UK’s national suppliers are cranking up energy prices by up to 11% in time for Christmas, bringing our total annual bill to £1,500. The blame for these rises is likely to be placed on environmental levies.
Despite Ed Miliband’s pledge to tackle the large energy companies and fix energy prices for 20 months, even if the Labour leader secured the countries vote at the next General Election, this wouldn’t come into being until at least 2015.
Npower are the latest supplier to announce price hikes of 11.1% for gas and 9.3% for electricity. The proposals will come into force from December 1. They join British Gas and SSE who have already stated their prices will increase this winter.
What does this mean for you? Well unless you actively look at ways to reduce your fuel usage, your expenses will rise significantly. There are various ways you can become more energy efficient, such as replacing a boiler, fitting double glazing or having loft insulation inserted.
Did you know, an inefficient boiler could be wasting over £300 a year on heating bills? This is because it’s likely operating somewhere in the region of 70%. Heat is also lost through the windows, floor, walls and loft, making adequate insulation essential if you want to cut bills.
British Gas is just one of the suppliers increasing prices again. Only last November they cranked up costs by 6%, despite half-year profits of £356m.
And as seems to be the trend, the remaining three major energy companies will be expected to follow suit shortly. This includes EDF, E.ON and Scottish Power. But despite more and more homeowners struggling to afford their bills as it is, a further £120 could be added to your yearly expenses.
Mark Todd from the Energyhelpline said: “With bills [following rises] expected to soar to a record high of over £1,500 a year, up £80 from the current average of £1,420, cash-strapped households need to prepare to fight back.”
Over the last decade energy prices have increased a staggering 160%, and by 2020 experts predict the average household bill could double. Protecting yourself from future rises has become of paramount importance.