Energy bills expected to rise: LEAP service helps residents find the best energy tariff

As the energy price cap is set to increase by nearly 10% this October, many households are facing the prospect of higher energy bills.

The latest forecast from Cornwall Insight predicts that the Ofgem energy price cap will rise from £1,568 to £1,723 annually for a typical dual-fuel household paying by direct debit. With this anticipated rise, now may be the time for residents to consider fixing their energy tariffs.

What is the Energy Price Cap?

The energy price cap, set by Ofgem, limits the maximum amount that suppliers can charge per unit of gas and electricity. It’s designed to protect consumers from excessive prices, particularly those on standard variable tariffs. However, it’s important to note that the cap is not a total limit on your bill—actual costs depend on your usage. The cap merely restricts the price per unit and the standing charges.

Should You Fix Your Energy Tariff?

With the anticipated rise in the energy price cap, now could be the time to explore fixing your energy tariff. Historically, switching suppliers could lead to significant savings. However, in recent years, this wasn’t always the case due to the volatile energy markets. Almost every household is now on a standard variable tariff governed by the price cap, which changes every three months.

Experts like Martin Lewis suggest that if you can find a fixed deal that’s no more than 9% higher than the current price cap, it might be worth locking in. Although high exit fees on long-term fixed deals are a concern, for households with higher energy usage, the potential savings could outweigh these fees. It’s also worth noting that some of the better fixed deals might only be available to existing customers, but they’re still worth exploring.

LEAP Can Help You Make The Right Decision and Save You Money

Local company Green Energy Switch delivers the LEAP service in partnership with Peterborough City Council. They are committed to helping local residents by providing free energy-saving advice and support, aimed at saving money and preventing fuel poverty.

Eligible households can benefit from a free home visit by one of LEAP's highly skilled Home Energy Advisors. During the visit, they will conduct an energy assessment of your property, provide energy-saving advice, and install free energy-saving measures such as LED light bulbs, draught excluders, and more.

On a home visit, the advisor can help you find the best energy tariff and provide support in reducing your bills. They can review your current energy usage and help you assess whether switching or fixing is the best option for you.

LEAP Eligibility

You may be eligible for the LEAP service if you have a household income of less than £31,000, receive universal credit, housing benefit, or other income or disability-related benefits.

Act Now Before Prices Rise

With the energy price cap set to rise in October, now is the time to explore your options. Don't wait until your bills increase—take the first steps today to secure a more stable and affordable energy plan.

For more information including how to apply for LEAP, visit www.greenenergyswitch.co.uk/home-energy