Understanding Your Energy Bills Understanding Your Energy Bills April 1st 2019 is just around the corner meaning that for most of us, inflation and energy bills will continue to rise. This year has already seen some of the top six energy suppliers, such as EDF Energy, increase their energy tariffs despite the cap imposed by regulators. Whilst the norm used to be simply switching suppliers or looking for a cheaper quote online, unfortunately, with the threat of a no deal Brexit on the horizon, daily expenses such as our food shopping and medication could increase considerably and choices could be dramatically reduced. Our energy bills will become even more of a pressing issue for us! What affects the cost of my energy bills? Normally, energy suppliers will compete against each other, helping to drive down the costs of our energy bills but with wholesale prices increasing and global demand at an all-time high, energy providers now have to pass the costs onto the consumer to help reduce the impact it has on their businesses. Energy sources such as gas are imported meaning that suppliers have to compete on a global scale and with high-demand and a low supply of gas, wholesalers have the upper hand when it comes to imposing costs on the suppliers. Fortunately, industry experts have introduced a cap on energy providers that help to reduce the costs, which are ultimately passed onto us but the top 6 are only just shy of this cap. Many other issues affect the cost of your energy, such as: Laws imposed by the UK government mean that suppliers have to reduce emissions and implement renewable energy options. Maintenance costs – this relates to the energy network and any pipes that may require repairs or replacements. Naturally, an increase in demand will place more pressure on the energy supplier’s resources. Energy caps placed on suppliers by Ofgem. VAT – Value Added Tax is added on to energy bills. How can I reduce my energy bills? A well-insulated home will help to minimise the amount of heating that is required for your household. If you are on limited income, it may be worth checking out grants and schemes that may be available to you to help improve your insulation or simply provide you with special payment plans. More information can be obtained from the Energy Advice Service on 0300 123 1234 (England and Wales). Check out our post on heating hacks for 2019 which contains tips on how to reduce your energy consumption. Compare energy tariffs, prices and quotes on a comparison website such as moneysupermarket.com. Contact your supplier or check their website to see if they can beat an existing quote. Check if you are entitled to a rebate or discount under the Warm Home Discount scheme, which provides financial assistance to those who are of pensionable age, have severe health issues, are on a low income or are disabled. If you receive a state pension then check if you are entitled to a winter fuel payment ranging from £100 to £300. Consider switching up your payment method as some suppliers offer a discount if you pay by Direct Debit. More information can be found on the Ofgem website. How can Electric Heating Expert help me? Our Economiser radiator range automatically shuts down if it senses a window or door is open. The Economiser provides full flexibility, a wide choice of sizes and is more economical for smaller spaces such as conservatories. We share monthly tips to help you reduce your energy consumption, keep you informed and offer advice over on our blog. Our experts provide a personalised service with no obligation to buy. Start saving today with Electric Heating Experts. Give us a call on 01252 560770 or drop us an email at enquiries@electricheatingexpert.co.uk.
