The energy price cap rose on October 1st, and UK homeowners are now facing the harsh reality of increased energy bills – with those living in the least energy-efficient homes feeling the biggest pinch. According to data from Rightmove, households in properties with the lowest energy performance ratings (EPC F-G) saw their annual bills spike by £558 under the new price cap.
For homes with a more typical EPC rating of D, the increase was still a significant £225 per year on average from the previous energy cap. But it’s the least efficient homes, already struggling with higher energy costs, that are bearing the brunt of these latest rises.
With the cost-of-living crisis squeezing budgets, this rise in energy bills has left many homeowners scrambling for ways to cut costs.
Energy Efficiency: A Top Priority
Improving energy efficiency isn’t just about saving money on bills – it’s become a key selling point for buyers and renters. As Tim Bannister from Rightmove explained, “Energy efficiency is fast becoming a top consideration for buyers and renters who want to future-proof themselves against rising costs.”
With energy prices unlikely to drop anytime soon, homeowners are now looking at ways to make their properties more efficient.
Actions to Take
If you’re feeling the pinch from increased energy bills, consider these steps:
1. Assess your home’s energy efficiency: Get an updated EPC rating to understand where improvements can be made.
2. Upgrade insulation: Focus on loft, wall, and floor insulation to reduce heat loss.
3. Install energy-efficient windows: Double or triple-glazed windows can significantly reduce heat loss.
4. Upgrade your boiler: A modern, energy-efficient boiler can save you money in the long run.
5. Consider renewable energy: Solar panels or heat pumps could help reduce your reliance on grid energy.
6. Change energy usage habits: 70% of homeowners and 76% of renters said they would change how and when they use energy for cheaper bills. Simple changes like using energy-efficient appliances and being mindful of usage can make a difference.
7. Explore government schemes: Look into available grants or incentives for energy-efficient home improvements.
Time to Act
Whether you’re staying put or looking to move, energy efficiency has quickly become a must-have feature for anyone looking to avoid crippling energy bills. By taking action now, you can not only reduce your current bills but also make your property more attractive to future buyers or renters.
Remember, improving your home’s energy efficiency is an investment in both your immediate comfort and your property’s long-term value. Don’t wait – start planning your energy-saving improvements today.
Sources:
1. Rightmove (2024) Energy price cap increase could raise bills by £558 for least energy-efficient homes. Available at: https://www.rightmove.co.uk/press-centre/energy-price-cap-increase-could-raise-bills-by-558-for-least-energy-efficient-homes/ [Accessed 19th September 2024]
2. Moneyweek (2024) Are UK energy prices going down in 2024?. Available at: https://moneyweek.com/personal-finance/605440/will-energy-prices-go-down [Accessed 19th September 2024]
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All the information in this article is correct as of the publish date 27 October 2024. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content, and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information
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