Go.Compare reacts to Ofgem lowering the Price Cap:

The Ofgem Price Cap has today been lowered by £151, from the previous amount of £2,074 to £1,923 for the typical household, which will come into force on the 1^st October 2023.

Gareth Kloet, spokesperson for GoCompare Energy commented:

“It’s good news that there’s been a further drop in the Ofgem Price Cap, but it might come as a disappointment for many who were hoping to see a bigger reduction in today’s announcement. Particularly as we are now heading into the Autumn months, where energy usage traditionally increases across homes in the UK.

“While energy prices still remain high, today’s reduction sees the Price Cap fall below £2,000, which is good news. To add to this, we have also seen a slow but steady return to the switching market, which again is good news for energy customers who now have more options when it comes to the tariff that they pay.

“The energy market is still unpredictable and this modest price drop from Ofgem reflects how reliant we are on changes in the wholesale cost of gas. And as the end of Summer approaches, the temptation may be to fix a deal on your energy bills now, to avoid any more volatility, but there are lots of things to consider before you opt for an energy tariff and it’s important to consider all those options before you commit. A comparison site will help you weigh up these choices and provide a simple way to see what’s available in the market.

“As well as shopping around, there are things you can do to prepare yourself financially, including taking a meter reading on September 30^th. Until October 1st, energy costs per unit will still be in line with the previous Price Cap – so it’s definitely worth taking a meter reading before these changes come into effect. By doing this, it means your energy company cannot charge you at the different rate for any units that have been used prior to October 1^st.

“Where possible, if you can continue to try to reduce your energy consumption and eliminate wasting energy, it will help minimise costs in the short term and in the longer term will ultimately pay dividends. And if you’re lucky enough to have a balance in credit with your energy provider, try to keep it in the bank in preparation for the winter months.

“But don’t forget, if you are struggling to make payments and are concerned about energy bills, always talk to your energy provider in the first instance, they have a duty to help customers. Do not be tempted to skip payments or just not pay – get in touch with them 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.