Energy Cap Price Rise

How the energy price cap rise will effect you

As expected, Chancellor Rishi Sunak has announced a huge price increase in the cost of energy supplied to homes and businesses by increasing the energy price cap by a staggering 54%!

What does this mean for you? Your energy bills are going to increase exponentially from the 1st April and unfortunately the chance of them coming down anytime soon is slim. By implementing the price cap rise, Ofgem have ensured that the average home will be paying an extra £693 on average annually.

For the previous 10 years inflation on energy supplies has been on average 8% a year but just now it has increased by 54%! With energy prices already being too high for many people (evidenced by the number of households now installing solar panels) this may be the final nail in the coffin for energy providers.

The migration to solar energy has already began and the recent announcement will only accelerate that. As the price for grid supplied energy is on the rise, the price for installed renewable microgeneration systems i.e. Solar Photovoltaic has never looked more appealing. You can use this calculator to find out just how much you could save on your energy bills by installing solar panels. 

With improved efficiency over the years and the cost of photovoltaic panels dropping, more home and business owners have increased the amount of panels on their roof, thus decreasing their monthly spend on energy. At Spectra Solar we’ve seen this trend first hand as we service both Domestic & Residential properties.

With Gas & electricity prices also soaring it’s important to note that there are also savings on your Gas bills to be made by utilising excess Solar PV generated with a little device called an Iboost. The Iboost diverts your excess produced energy into powering your immersion coil and heating your water thus reducing the need for an expensive gas boiler to heat the water. When taking into account the energy price cap rise this could be a very important tool to bring your monthly expenditure down.

Since the energy price cap rise briefing we have been flooded with website traffic and solar panel installation requests. We project this to continue which could lead to an increase on material prices as demand outstrips supply over the coming months. We expect to develop an extensive waiting list for solar panel installations due to the energy price cap rise and would recommend that any homes considering combatting the recent price rise by utilising solar panels get in touch with us asap to avoid a lengthy wait.

At Spectra Solar we guarantee the lowest prices with our nationwide install teams. With no deposits or upfront costs there’s no reason to not Contact Us to see how much you could save by installing solar panels. Our team of experts will be able to advise you on how best to combat the energy price cap rise!