Go.Compare reacts to Ofgem increasing the Price Cap:

The Ofgem Price Cap has today been increased to £1,928 per year for a typical household who pay by Direct Debit. Today’s increase is £94 up from the previous Cap (which was £1,834) and will come into force on the 1^st January 2024.

Gareth Kloet, spokesperson for GoCompare Energy commented:

“Today’s increase won’t be welcomed by anyone – while the Price Cap is still lower than this time last year, this latest amount is a move in the wrong direction, particularly as many of us will be increasing energy usage in our homes from January onwards.

“These fluctuations, while relatively small, just prove that we’re still a way off getting energy bills to the level they should be. The fact that millions of bill payers are still shelling out almost £2,000 a year for their energy is too high.

“Our own research shows that sky-high energy bills are already impacting how we use our gas and electricity, as we found that one in five (20%) people said they won’t be putting their heating on at all this Autumn to save money on their bills.* No one should be thinking like this and more needs to be done so that this isn’t the case.

“While we can’t control the price that Ofgem sets for the Price Cap, there are options available for anyone who’s looking to protect themselves from further increases, for example, fixing your energy bills now means that you effectively “lock-in” the price you pay for your gas and electricity for a set amount of time. However, these deals will not be suitable for everyone and it’s important to look beyond the initial cost of fixing, make sure you’re aware of any additional fees, and ultimately, if the tariff is suitable for your lifestyle. A comparison site can help you weigh up these choices and provide a straightforward way to see what’s available in the market. It’s also well worth taking a meter reading on December 31^st – which just means that any energy you use prior to January 1^st, 2024, will be charged at the lower rate.

“No one should be having to think about not using their heating this Winter, but it is good to consider how you use your energy and find ways to cut back your usage, so you save money when you get your bill. For example, turning off standby mode on any appliances that don’t need to be “always on” is a good way to start saving energy. Making sure lights are off in rooms that aren’t being used and even cutting your time in the shower can all help to use up less energy.

“If you are struggling to make payments or are concerned about energy bills, always talk to your energy provider in the first instance as they have a duty to help customers and discuss a payment plan with you. There is also some additional help for those who may be struggling to pay their bills this Winter, including a £900 cost-of-living payment for those eligible and on means-tested benefits, such as Universal Credit, Pension Credit, or tax credits, in 2023 to 2024. Also eligible pensioner households will receive a further £300 payment later this year as an addition to the Winter Fuel Payment.”

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