From 1 January to 31 March 2025 the price for energy for a typical household who use electricity and gas and pay by Direct Debit will go up by 1.2% to £1,738 per year. This is because wholesale prices remain high due to global factors. This is 10% (£190) per year lower than the price cap set from 1 January to 31 March 2024 (£1,928).
Currently, a handful of companies make regular, publicly available Price Cap predictions: energy suppliers EDF, British Gas and E.on Next, as well as energy analysts Cornwall Insight. After the latest 10% increase in the Energy Price Cap on 1 October, all analysts are predicting a slight rise in the Price Cap from January 2025.
The Energy Price Cap is to rise 10% on the 1st of October, just at the start of winter. So this is my instant briefing on who will be hit hardest, why the Government needs to change its plans over Winter Fuel Payments, the new consultation on standing charges and, crucially, what you should be doing right now.
Energy regulator Ofgem has announced the new Energy Price Cap, with prices set to rise by 5% on average from January next year. It means energy prices remain shockingly high, and most households will continue to pay more than last winter. We've full info below.
By April 2023, the cost of electricity has been predicted to reach 78p per kWh. Next week, Ofgem will officially announce the next energy price rise on Friday, 26 August 2022, and it will apply to most variable tariff energy bills from 1 October 2022 to 31 December 2022. The headlines about the energy crisis are daily.
In April 2023, at the predicted prices, a 12 panel 4.38kw solar system with a battery, we expect, will cost £9,800. It will save the average household just over £3,000 a year and will have a payback in just three years. It’s clear that very soon, households will need to find ways to save money at home.