Most of us have noticed the effects of rising energy bills. With increases due to Ofgem’s higher energy cap, many homeowners are left wondering when prices will come down. Thankfully, energy prices show signs of falling this April, so here is what you need to know.
How your bill is calculated
Energy bills are determined by how much energy you use by kilowatt hour (kWh) and your provider’s standing daily charges. For many homeowners, reducing energy usage has been essential in keeping bills as low as possible. There has also been an increase in the number of people considering alternative options.
What alternative options are there?
Nationwide, we have all been feeling the pinch when it comes to energy bills. Whether solar panels in Cheltenham or heat pumps in Hitchin, alternatives can save on energy costs in the long term.
While options such as solar panels can save money, they have upfront costs that may take some time to recuperate. If you are looking for solar panels Cheltenham, it is essential to do your research before deciding.
Will energy bills drop soon?
According to Cornwall Insights, energy prices are forecast to decrease by 14 per cent in April 2024. However, it is important to remember that energy supplies are sensitive and subject to change; in the future, they are likely to rise once more.
To be less affected by the price of energy, switching to renewable sources will give you peace of mind. From solar panels in Cheltenham to heat pumps in Barking, renewable energy will save you money once the initial cost has been offset.
Fossil fuels are a finite resource; therefore, while prices may go up and down, they are likely to rise in the future. Consider choosing alternatives to save money and future-proof your home.