Go.Compare energy expert welcomes Ofgem lower energy price cap
Ofgem has today announced that from 1st July 2024, the price cap will decrease by £122 to £1,568, down 7% from the previous price cap for Q2 of 2024 which sat at £1690.* At the same time, standing charges will remain the same at £334 for a dual fuel customer.
Gareth Kloet, spokesperson for Go.Compare Energy commented on the news:
“For many people in the UK, the news that the Price Cap will fall on July 1st will be welcomed. The unit rate for gas in particular has fallen 9% which could mean a sizeable saving for many billpayers.
“It is a pity that there hasn’t been a decrease in standing charges for bill payers, as that would have been another welcomed saving. While there isn’t a lot you can do to change these as these are set by the energy company, you can control how much energy you consume and it’s this usage that will help you save on your bills.
“There are lots of small changes that you can make which could help you save energy and money, like turning off appliances in standby mode or using your water more efficiently. Modern laundry detergents also often allow you to wash your clothes at a lower temperature while still washing your clothes effectively which can make a difference to your bill. For more energy-saving advice, please visit https://www.gocompare.com/gas-and-electricity/guide/energy-saving-tips
Gareth added: “The energy price cap is always a good reminder to take a look at your current energy usage and the rate you are currently on, whether that is a flexible or fixed rate tariff. If you are thinking about switching your energy deal, consider whether you will have to pay any early exit fees if you leave before your current deal is up. Looking at all of your options on a comparison site is an effective way to see which options are available to you at the moment.
“Just before the new price cap comes into effect is also a good time to take a meter reading, ensuring that you are only charged for the energy you have used at the right time.”
More information about energy bills and switching can be found at: https://www.gocompare.com/gas-and-electricity/guide/how-to-switch-energy-supplier/
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* https://www.ofgem.gov.uk/energy-price-cap
Contact Information
Kathryn Chadwick
Notes to editors
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For further information please contact:
Lynsey Walden or Kath Chadwick at Go.compare on lynsey.walden@gocompare.com or kathryn.chadwick@gocompare.com.
Keep up-to-date with GoCompare on Twitter; @GoCompare
Notes to editors
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About Go.Compare
Go.Compare is a comparison website that enables people to compare the costs and features of a wide variety of insurance policies, financial products and energy tariffs.
It does not charge people to use its services and does not accept advertising or sponsored listings, so all product comparisons are unbiased. Go.Compare makes its money through fees paid by the providers of products that appear on its various comparison services when a customer buys through the site.
When it launched in 2006, it was the first comparison site to focus on displaying policy details rather than just listing prices, with the aim of helping people to make better-informed decisions when buying their insurance. It is this approach to comparing products that secured the company an invitation to join the British Insurance Brokers’ Association (BIBA) in 2008, and it is still the only comparison site to be a member of this organisation.
Go.Compare has remained dedicated to helping people choose the most appropriate products rather than just the cheapest and works with Defaqto, the independent financial researcher, to integrate additional policy information into a number of its insurance comparison services. This allows people to compare up to an extra 30 features of cover.
Go.Compare is part of Future Plc and is authorised and regulated by the Financial Conduct Authority (FCA).
More information can be found here www.gocompare.com or here https://www.futureplc.com/brands/.