Energy Bills Set to Rise in October – Is It Time to Fix?
As we approach October, many households are bracing for a steep increase in energy bills.
With the Ofgem energy price cap set to rise by nearly 10%, the question on everyone’s mind is whether now is the time to consider fixing your energy tariff?
Here’s what you need to know about the upcoming changes and how LEAP can help you when it comes to knowing whether to fix or not.
What Is the Energy Price Cap?
The energy price cap, set by Ofgem, limits the maximum amount that suppliers can charge per unit of gas and electricity. It’s designed to protect consumers from excessive prices, particularly those on standard variable tariffs. However, it’s important to note that the cap is not a total limit on your bill—actual costs depend on your usage. The cap merely restricts the price per unit and the standing charges.
Current Energy Price Cap and the October Increase
Currently, the energy price cap is set at £1,568 per year for a typical dual-fuel household paying by direct debit. However, Cornwall Insight, a trusted provider of forecast models, predict this will rise to £1,723 from October 1, 2024—a near 10% increase. This forecast reflects ongoing pressures in the wholesale energy market, meaning that many households will soon face higher energy bills.
Should You Fix Your Energy Tariff?
With the anticipated rise in the energy price cap, now could be the time to explore fixing your energy tariff. Historically, switching suppliers could lead to significant savings. However, in recent years, this wasn’t always the case due to the volatile energy markets. Almost every household is now on a standard variable tariff governed by the price cap, which changes every three months.
Experts like Martin Lewis suggest that if you can find a fixed deal that’s no more than 9% higher than the current price cap, it might be worth locking in. Although high exit fees on long-term fixed deals are a concern, for households with higher energy usage, the potential savings could outweigh these fees. It’s also worth noting that some of the better fixed deals might only be available to existing customers, but they’re still worth exploring.
LEAP Can Help You Save
We recognise the ongoing challenges that you may face in managing your energy bills. Every penny saved on your energy bills can help make a significant difference to your quality of life. That’s why we want to bring you as much support as possible help ease the burden.
We’re proud to deliver the LEAP service in partnership with Peterborough City Council, South Cambridgeshire Council, and Rutland County Council.
LEAP is a completely free energy advice service, helping you save money on your energy bills and stay warm during the colder months.
After you’ve applied for LEAP and your eligibility has been checked, the LEAP booking team will arrange for one of our highly skilled Home Energy Advisors to visit your home, at a time that suits you.
During the visit, they will conduct an energy assessment of your property, provide energy-saving advice, and install FREE energy-saving measures such as LED light bulbs, draught excluders, and more. They can even refer you to income maximisation services or assessments for larger energy efficiency measures and appliances.
Finding You The Best Energy Tariff
On a home visit, our advisor can help you find the best energy tariff and provide support in reducing your bills. They can review your current energy usage and help you assess whether switching or fixing is the best option for you.
Our goal is to ensure you’re on the most cost-effective plan available, potentially saving you hundreds of pounds each year.
LEAP Eligibility
You’re eligible if:
- You have a low income (less than £31,000)
- You receive universal credit
- You receive housing benefit
- You receive an income or disability related benefit
Don’t wait until it’s too late
With the energy price cap set to rise in October, now is the time to review your options. Don’t wait until your bills increase—take action now to secure a more stable and affordable energy plan.
Visit our Home Energy page to apply for LEAP now.
About Us
Green Energy Switch (GES) delivers a broad range of energy services across the UK; specialising in working with social landlords and local authorities. Established in 2006, GES is a subsidiary of environmental charity PECT. Any profits made by GES are gifted back to PECT to help fund their vital work.
Sources
When is the new energy price cap and how much will it rise? – Energy Live News
Fact check: Energy price cap is expected to rise by just under 10% in October | The Independent
What is Ofgem’s energy price cap 2024? – Uswitch
Predictions & Insights into the Default Tariff Cap (Price Cap) (cornwall-insight.com)
Is it time to fix your energy or stay on the Price Cap? (moneysavingexpert.com)
