Ofgem's new price cap: YES Energy Solutions helps communities take action to lower increasing bills
Ofgem's new price cap: YES Energy Solutions helps communities take action to lower increasing bills Nov 23, 2023
Today, Ofgem shared important news about energy prices, announcing that starting January 2024, the annual price cap will reach £1,928. Its one-off increase means a real term increase of five percent to household energy bills.
The average dual fuel customer will now pay £94 extra per year.
Although there's some protection until March 2024 through the government’s Energy Price Guarantee, this increase will undoubtedly heighten concerns for many who are already struggling to make ends meet.
Last year, more than six million people grappled with unaffordable energy bills, leaving them living in cold, damp homes.
Now, as we gear up for another challenging winter, many more are bracing for tough times ahead.
And, despite recent efforts to assist low-income families in the Government's Autumn Statement, there's still a critical gap in support for energy bills that needs immediate attention.
Energy debt is at a record level of £2.6 billion - its highest ever level. And while the energy market needs support to balance this challenge and secure suppliers, we urge families and households to take action today to manage their household own budgets.
We’re urging people not to delay until the increases come in. Act now to take back control of your energy bill by calling our FREE YES Warmer Homes Advice Line for valuable energy-saving advice.
Whether you own or rent your home, our dedicated team is ready to make a meaningful impact on your energy bills.
We'll check if you're eligible for free energy upgrades, covering everything from insulation to boilers, central heating, and solar technologies. With funding in place to reduce installation costs, these upgrades become accessible to all, helping shield you from the impact of rising energy costs.
Additionally, we'll conduct a benefits check to ensure you're receiving all the support you're entitled to and assist you in making small changes that make a big difference.
What’s more, we’re offering free energy-saving packs with gadgets and tools to help you keep your homes warm right now.
We know it’s a worrying time and we’re here to help. For more than 20 years the YES Energy Solutions team has been working in communities to help make homes more efficient and sustainable, helping people take back control of their household budgets and get prepared for what lies ahead.