Energy Price<\/strong> increases are set to hit in January<\/strong>, affecting millions of households<\/strong> across the UK<\/strong>. However, there\u2019s a simple way<\/strong> to avoid this rise\u2014but time is running out<\/strong>, with only two weeks left to act<\/strong>. What steps<\/strong> can you take now to reduce your costs<\/strong> in 2024<\/strong>?<\/p>\n\n\n\n
From January<\/strong>, the typical household energy bill<\/a><\/strong> under the Energy Price Cap<\/strong> will increase by \u00a321 annually<\/strong>, raising the average cost to \u00a31,923<\/strong> for households on standard variable tariffs (SVTs)<\/strong>. The Energy Price Cap<\/strong>, regulated by Ofgem<\/strong>, is updated quarterly<\/strong> to reflect changes in wholesale energy prices<\/strong>.<\/p>\n\n\n\n
While January\u2019s increase is modest compared to previous peaks<\/strong>, energy prices<\/strong> remain high relative to pre-2022 levels<\/strong>.<\/p>\n\n\n\n
Energy experts<\/strong> are recommending customers consider switching to fixed-rate tariffs<\/strong> before January<\/strong>. A fixed tariff<\/strong> locks in your energy rate<\/strong> for a set period, providing price stability<\/strong> and shielding households from future increases<\/strong> in the Energy Price Cap<\/strong>.<\/p>\n\n\n\n
Martin Lewis<\/strong> of MoneySavingExpert<\/a><\/strong> explained :
\u201cThe most important thing to understand is that price-capped tariffs are variable, and the prices change every three months in line with the cap.<\/p>\n\n\n\n