Are electricity prices rising or falling?
Many of the deals offered by electricity suppliers are expiring, so many people are facing higher bills.
Thousands of people all over the UK signed up for fixed rate deals when wholesale electricity prices started to rise last year, as this was set to have a knock-on effect on bills. However, many of these deals offering a fixed rate per unit of energy, no matter how prices rose, are now coming to an end.
Anyone one a fixed tariff who doesn’t actively choose a new tariff when the deal ends will be moved onto the supplier’s standard tariff, which is likely to leave you facing higher bills. Even switching to a new tariff, you may not get such a good deal.
To combat this, there are a few things you can do. One is to make savings elsewhere, as this will cover the increase in your bills. But a better way could be to lower your electricity usage.
There are some easy ways to do this which you may not be considering. For example, turning appliances off at the mains instead of leaving them on standby makes a big difference over time.
It’s also worth defrosting your freezer regularly to ensure it’s running at optimal efficiency. Your fridge shouldn’t be filled too full: overstocking means that the cooling engine won’t work as well as it should.
These easy steps should help your electricity bill to fall, even if the prices continue to rise.
Categories: electricity prices Tags: electricity prices
By 2020 electricity prices may rise 400%
In 2020, consumers could be faced with energy bills of almost £5000, four times higher than at present.
Gas and electricity prices have more than doubled since 2005, and if this trend continues, especially with the extra funding required to invest in the infrastructure and carbon-cutting technology, then bills may reach £4733 per year.
It’s worth noting, however, that the investment which increases costs in the short term, may also reduce bills in the long-term. This is because a large chunk of the £233 billion set aside for investment is going to fund the installation of smart meters in all homes in the UK.
Categories: electricity prices Tags: electricity prices
