Energy Bills Predicted To Fall By 16% - Here’s What You Should Do Next

February 14, 2024 • Chris Bardsley

Energy Bills Predicted To Fall By 16% - Here’s What You Should Do Next

Some good news is finally on the horizon in the cost of living crisis. As you’ll be aware, energy bills have risen dramatically in the last couple of years.

However, Cornwall Insight analysts have predicted that energy bills will fall by 16% in April 2024. This means that for every £100 you currently pay for energy, this should reduce to £84 in the spring.

While this is fantastic to hear, the Fair For You team wants to help you save the most money possible.

So here are our tips to ensure you are paying the lowest possible amount for your energy bills, plus that you are getting any financial support you may be entitled to.

Compare Energy Providers

When was the last time you checked to make sure you're on the cheapest possible energy tariff?

Martin Lewis (Money Saving Expert) suggests that fixing your tariff now isn’t a good idea due to the predicted price fall, as this could mean you are left paying more for longer. However, he adds that opting for a variable deal now could save you money.

E.ON has also introduced a new energy scheme called ‘Next’ which could give all customers 3% off their energy bills each year. Any new or existing customers who use dual-fuel along with electricity-only customers qualify. Your energy will also be switched to renewable energy which is also better for the planet as well as your pocket.

We recommend using an energy price comparison site to look at all the available deals. That’s because depending on your energy setup and overall usage, there could be other providers and tariffs which are a better fit for you.

Check You Are Claiming All The Benefits You’re Entitled To

If you are on a low income or meet other conditions such as having a disability, you may be entitled to various benefits. Any extra money you can claim could go towards your energy bills, plus those other household expenses.

Use the Government's benefits calculator today to see what you are entitled to. If your circumstances change, then this could mean you are entitled to more benefits if your income has recently reduced.

Another top tip is to check if you qualify for the Energy Company Obligation which runs until March 2026. The scheme provides grants for making energy saving improvements to your home such as insulation, double glazing or a new boiler.

Don’t Forget These General Energy Saving Tips

  • Using air fryers can use up to two thirds less energy compared with conventional ovens

  • Turning down the thermostat by just 1 degree (i.e. from 21°C to 20°C) can save up to £100 a year

  • Turning off radiators in rooms you are not using can save up to £50 per year

  • Energy-efficient showerheads can save up to £40 per year

  • Curtains offer more insulation than blinds, with thicker curtains offering the most energy saving benefits

  • Washing clothes at 30°C instead of 40°C can save up to £20 a year

Fair For You - The Things You Need For Your Home For Less

Hopefully, the predicted 16% drop in energy bills will make a positive difference to your finances very soon.

But since there are lots of costs to manage, buying some things you need through Fair For You could make life easier. That’s because we offer the items you need such as appliances or even things for the kids at a rate that you can afford to pay back.

You can also shop at Iceland using our Food Club Card with a loan amount of between £25 and £75.

Take a look around our website to see our products and learn more about how Fair For You works.

You can also follow us on Facebook and Instagram to keep up with our latest tips, news and updates.

This entry was posted in Finance, Budgeting Tips and Blog