It has been reported that fuel poverty could double in the space of a year if fuel costs continue to rise due to the conflict in the Ukraine. Analysts are estimating that the war has pushed up wholesale prices, and this could mean the average domestic bill in the UK could hit £3,000 by October 2022.
8.5m Struggling Households.
National Energy Action said as a result of this aforementioned price increase, that would put 8.5 million households in serious financial difficulty. Currently, around 15% of homes in the UK are considered to be in fuel poverty. This could rise to an unprecedented 30%. This is going to have a considerable impact on the health, on both a physical and mental front for many people. While the summer months will mean lower heating costs, come the cooler weather, this is when we will see dreadful situations arise. Pensioners going cold, families choosing between heating and eating, people in ill health suffering, and sadly, an increase in deaths.
The price of electricity and gas for the average household on a tariff governed by the energy regulator Ofgem price cap is already increasing by 54% (to almost £2,000) in April 2022. While Russia only provides around 5% of gas to the UK, it is thought that the next calculation of Ofgems price cap, which would take effect at the start of October 2022, could mean the average household bill could be closer to £3,000 a year.
Take Action!
Taking action now against rising fuel prices will save you money in the long run. While some ideas to save money are common sense, others are not so obvious. Here are some pointers to help you:
Consider secondary heating. Secondary heating is a great way to save money and lower your carbon footprint. We recently produced an article about this. More Info.
Consider your appliance efficiency. While it’s a cost outlay to buy a new heating appliance, in the long run, it can save you money. If your appliance is at its end of life, you may consider making a replacement sooner rather than later. If you look at the image below, you will see just how efficient a few wood-burning stove actually is (and how inefficient your old stove or open fire is).
Keeping drafts out of your home and insulating is a very simple yet brilliant way to save money. Fewer drafts and good insulation will mean increased warmth and a home, which will cost less to heat. Here is an article we have produced around keeping drafts out and insulating your home. More Info.
