Go.Compare reacts to lower Ofgem price cap

Ofgem has today announced that, from 1^st April 2024, the price cap will decrease by £238 to £1690 , down 12% from the previous price cap for Q1 of 2024 which sat at £1,928.*

Gareth Kloet, spokesperson for Go.Compare Energy said:

“This lower energy price cap is a really encouraging sign for UK bill payers. This is the lowest figure we have seen since Q1 of 2022, and while it might still be disappointing for some who were hoping for a bigger reduction, as we head out of the colder months, energy usage is likely to decrease and alongside a lower price cap, we may see a welcome reduction to the high energy prices we’ve all been paying.

“UK energy prices are subject to fluctuations as we remain so dependent on changes in the wholesale cost of gas. With this in mind, making longer term decisions with these continuous movements in the Price Cap can seem daunting for bill payers. This latest price drop might make it tempting to lock in a deal and protect yourself from future increases - but there are a few things to think about before you do.

“For example, it might be worth looking at your current energy usage and the rate you are currently on, whether that be a flexible or fixed rate tariff. Find out if you have to pay any early exit fees if you leave before your current deal is up.  Comparison sites will help you weigh up your choices and see the options available to you at the moment.

“This is also an ideal time to take a meter reading. Submitting a meter reading on April 1^st, or as close to that date as you can, will help ensure that you are only paying for the energy you have used, and at the right rate.

Gareth added: “This latest drop in the Price Cap is good news, but bills are still high, leaving many worried about the cost of their energy. However, there are small changes you can make to save energy and ultimately money, such as washing your clothes at a lower temperature, turning your appliances off when they are in standby mode and ensuring you are using your water efficiently. All of these steps can make a difference to your bill.

“And if you are struggling to make your payments or are worried about your energy bills then talk to your energy provider as they have a duty of care to help their customers. Approach them to explain the situation and they will discuss a payment plan with you.”

For more energy-saving advice, please visit the following link: https://www.gocompare.com/gas-and-electricity/guide/energy-saving-tips.