Ofgem price cap expected to rise 28% in January. What can you do to cushion the blow?
According to Martin Lewis, the Ofgem Price Cap, which millions of households are on, is expected to rise by 28% in January, based on his own calculations.
Right now, there are a few things that you can do to try and limit your exposure to this unprecedented price rise as the coldest nights approach.
The first thing you can do is check the tariffs that are available from your energy provider, or if you need to, another energy provider. The biggest providers such as British Gas and Octopus Energy aren't always the cheapest. Keen an eye out for tariffs that allow you to shift your energy to off peak times, if you can. Remember though, watch out for exit fees if you need to change tariffs, as the price cap may come down in the future.
Secondly, start doing an energy survey of your home, especially when it comes to high usage appliances such as washing machines, tumble dryers, and ovens. Often, the expense of replacing these with more efficient models hasn't made sense, but with today's unit rates, it may well be worth it.
Go back to basics with this look around your home, especially when it comes to things like draughty doors that let heat escape, and your thermostat settings to see if there's any wiggle room in the temperatures that you heat your home to.
With the increases in the price cap that we're expecting, it's unlikely that any changes you'll make will offset the rise in your bills, but a few prudent steps could go a long way to reducing the impact as we approach the New Year.