Ofgem has announced a 9% increase in the energy bill price cap come October, which will see the average household’s annual bill soar from approximately £1,568 to £1,717. This surge, combined with stricter Winter Fuel Payment criteria and anticipated tax hikes in the autumn budget, threatens to dampen the festive cheer for many as they grapple with the escalating cost of living crisis.
Adding to the financial strain, energy debt is currently at unprecedented levels. The financial wellness platform Money Wellness reports that 37% of its users are already indebted to their energy providers before winter begins, with an average debt of £2,064.
Nevertheless, money-saving guru Matthew Sheeran has suggested that households can still keep their energy bills in check this year by implementing certain winter-proofing steps ahead of the colder months.
The Money Wellness expert also highlighted crucial assistance options that some may not realise they qualify for.
Among his top tips is an economical £6 investment on Amazon: insulation strips. These can be applied to seal homes against draughts, which Sheeran hails as “one of the cheapest and easiest ways to save energy and money”.
Draughts typically sneak in through gaps around doors, windows, skirting boards, fireplaces, and other openings that allow cold air to penetrate the home.
Insulating gaps, taping keyholes and letterboxes, and investing in heavy, lined curtains can help keep your home warm by keeping out the cold. The expert also advised: “You’ll probably want to use your fire so don’t block it up but consider using a fire basket or grate to elevate your firewood, allowing oxygen to reach the fire from all sides, which will make your fire burn hotter for longer.”
When it’s time to switch on the heating, Matthew suggested setting timers so it comes on just before you wake up and turns off after you’ve gone to bed. This, combined with checking your radiator controls and insulating your hot water cylinder, can help reduce costs by efficiently using your home heating.
It might also be beneficial to check your energy tariff before the price cap takes effect. Matthew particularly recommended fixing your tariff rate.
He explained: “Fixed tariffs aren’t affected by price cap fluctuations, so you won’t save, or bills won’t increase when it changes. Fixing won’t necessarily save you money, but it will give you security around what your bills will be for the next 12 months. Make sure you compare several different energy providers if you decide to fix, so you get the cheapest and best deal for you.”
Lastly, he suggested a quick autumn clean and dusting off your appliances can not only make them more energy efficient but also extend their lifespan, saving you the cost of a new item. Similarly, unplugging any devices not in use or activating energy-saving or eco mode whenever possible can also help reduce energy bills.
Furthermore, Matthew urged Brits to check if they can get support with their winter bills. He explained: “You may be able to get fuel vouchers, a grant to help clear energy debt, help with bills or to make your home more energy efficient. You might even be entitled to a warm home discount worth £150.
“Certain energy providers could write off your debt, offer you a payment holiday, or work with you to come up with an affordable repayment plan. Contact your energy supplier and your local council to find out what help is available to you. You can use our free Money Wellness Benefit Checker to see if you’re missing out on anything.”
For vulnerable households, the expert strongly recommended joining the priority services register, a free scheme that provides extra support to people who may be at risk if their energy is cut off. This includes pensioners and those with long-term health conditions or disabilities.
Matthew advises: “Don’t struggle alone if you find yourself behind on energy bills or unable to heat your home, as there is lots of support available. Energy companies are committed to helping struggling customers who fall behind and if your debt problem is more deep-rooted, then there is free debt support available.”
