Everything you need to know about the increasing energy prices and what you can do to safeguard your home
Householders in the UK are due to see a rise in energy bills up to a level not seen for almost a decade after an increase in wholesale gas prices, with many concerned of financial difficulties over the winter. Already, the cost of gas for suppliers has risen a massive 50% since August which has in turn, pushed up electricity prices due to the UK still generating around a third of its electricity from burning natural gas.
Ofgem have announced that the price cap for around 11 million households will increase by at least £139 from October when the changes come into force. This increase is the second of the year announced by Ofgem, put down to several factors including a cold winter which led to a dip in gas stocks as well as high demands for natural from Asia and a drop in supplies from Russia.
The price increases are not only going to effect homeowners, but many others, with 7 supplier firms having already gone bust and more predicted to face the same result.
With uncertainties on both electricity prices as well as gas likely to continue, many home-owners are looking at ways to limit the damage and prepare their homes for the future.
How you can future proof your home
The best way to future proof your home and minimise the effects of changing energy prices is to make investments into home renewables, to generate your own energy to power and/or heat your home. There are many options available to suit every property, here are the top 3 solutions and briefly how they will benefit you:
1. Air Source Heat Pump
An air source heat pump is a renewable heating product used as an alternative way to heat the home and hot water – perfect for those looking to replace an old oil or LPG boilers or outdated electric storage heaters. This impressive technology is up to 4x more efficient than a traditional boiler and is cheap to run, as they deliver more renewable heat energy than the electrical energy they use. The system offers a non-repayable grant of up to £13,900 from the Government that is non means tested. You can receive funding to upgrade your heating system to an A+++ rated technology, save on bills AND reduce your carbon footprint significantly.
More about Air Source Heat Pumps here.
2. Hybrid Air Source Heat Pump
If your property has a relatively new gas boiler system, it may not be beneficial to replace it completely with a heat pump, BUT if you still want to save money on your energy bills, prepare for any price increases, and do your bit for the environment, a hybrid system could be a perfect option. A hybrid heating system combines a boiler, with an Air Source Heat Pump. The technology integrates both heating systems, using smart programming to automatically determine the most energy efficient one to use based on energy prices, temperatures, and indoor heat capacity. With uncertainties in both gas and electricity prices, the hybrid is an impressive solution to future-proof your home for either outcome. Even better, there is currently funding to cover 75% of the cost to install this system and the rest can be paid with an interest free loan!
More about Hybrid Air Source Heat Pumps here.
3. Solar Panels
Installing solar panels on your property allows you to easily take advantage of solar energy as a renewable source to power your home, helping your home become greener while lowering carbon emissions, and cutting electricity bills. The latest battery storage technology that is available with solar panels allows you to store energy generated throughout hours of daylight and store it for use whenever it is needed, meaning savings up to 70% and little reliance on the national grid. With electricity prices on the rise, you can take control of your energy supply by generating your own power and preparing for the future and any increases. With the Government set to put a ban on petrol or diesel cars, Greener Energy Group will supply and fit a FREE EV charger with every install, so that you can eventually charge your electric car from your own free, clean energy. Many homeowners install solar systems alongside electric heating renewables such as the air source heat pump to offset costings even further.
More about Solar Panels here.
