What will electricity bills do this year?
Although energy bills have been going down so far this year, with a 12% drop back in April, these figures are expected to fluctuate going into the latter half of 2024. The good news is that July has seen another drop in prices (7% on top of the other drops this year), but this trend is unlikely to continue, as we will explain in this article.
Decreases So Far
So far, with the aforementioned decreases in mind, households with variable dual-fuel energy tariffs can expect their annual bill to be around £400 a year less – a decrease of £33 per month. Unfortunately, fixed tariff households will keep their original bill pricings. More information on these tariffs can be found here:
Meter Readings
Meter readings can help you determine whether you’re paying the right amount for your energy, as you may be paying more than you need by depending on Ofgem figures.
Ofgem sets a maximum cap on your energy supplier’s charges (per kilowatt hour, or kWh), but you are charged for total energy usage. As a result, you may be paying more than necessary. Smart metres can help determine your exact pricing for energy usage, and you can find services for an electric meter box online, such as at https://www.meterbox.co.uk.
The Future
Despite this year’s previous trends, experts expect a harsh winter to bring significant spikes in energy bills. A 12% hike in prices has been predicted, compounded by the geopolitical concerns in Gaza and Ukraine. With interference expected in our energy sources, a cost-of-living crisis is expected in the colder months.
Most people can expect a 10% increase in their bills from the onset of autumn in October, which might not seem as dramatic as reports would have you think. After all, the rise in bills won’t even match the drops in prices we’ve had up to now. However, monthly increases are expected to increase exponentially, with each month growing more expensive the further we get into the winter months.
Above all else, homeowners must avoid complacency, and prepare themselves for a long winter.
