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The Autumn 2024 Energy Price Cap Increase Explained – Plus More Tips to Save Energy

How is the energy price cap changing in autumn 2024?

Every 3 months Ofgem (Office of Gas and Electricity Markets, put in place to protect consumers) reviews and sets levels for how much energy suppliers can charge per unit of energy, using a price cap.

From today – 1st October 2024 – this cap will be increased until 31st December to accommodate higher energy demand as we enter cooler months. The average annual bill will go up to £1717 for direct debit customers, that’s a 10% increase and around £12 more per month on average.

This new cap is actually 6% (£117) cheaper than the same period last year, positive news for the UK with many households still in the grip of fuel poverty, but there’s still more work to do.

 

How much could Wiser save you based on the new energy price cap?

In 2021 we conducted research alongside BEAMA and Salford University into Wiser’s efficiency; the evidence showed you could save up to 30% energy by upgrading to a smart heating system by Wiser.

Based on energy costs in this period from 1st October to 31st December, research shows you could save almost £400 a year by upgrading to Wiser’s best practice thermostat, using its multi-room capabilities with smart radiator thermostats, and making the most of the in-built intelligent Smart Modes.

Wiser equips you with multiple intuitive tools to help you save when it matters the most:

  • Intelligent Smart Modes to help you save when you’re home and away and save up to 16% energy alone
  • Multi-room smart heating that ensures you never heat a room you’re not using
  • Our 'best practice' thermostat modulates boiler output for the best efficiency
  • Control from anywhere, at any time via the Wiser Home app
  • Device lock to prevent unintended temperature changes
  • Insights and the Heat Report make understanding your energy use simple
  • Easy scheduling to tailor your heating

 

Want to reduce your energy use from today? Read our 10 latest tips to start saving now

Autumn colours, spiced lattes and Halloween decorations have hit the shelves. The colder months always seem to arrive with a bang and surprisingly brisk cold snaps are just around the corner, so be ready for them now to avoid wasting precious energy this autumn and winter:

  1. Check your windows and their seals for draughts and make any repairs.
  2. Let your oven have a rest and let your air fryer take over to save energy.
  3. Have your boiler serviced to maximise its efficiency.
  4. Upgrade to smart heating controls to save up to 30% energy.
  5. Bleed your radiators to remove air and boost their performance.
  6. Dig out the draught excluders for your doorways and close the doors of rooms not in use.
  7. Let the sun in on bright days, then close the curtains at dusk to retain the heat.
  8. Air your home regularly to reduce humidity and increase the feeling of warmth.
  9. Warm up with a quick hot shower instead of a bath to save both energy and water.
  10. Switch bulbs to LEDs to save electricity in these shorter days.

 

When will the energy price cap change next?

The next levels for the period of 1st January to 31st March 2025 will be published by 25th November this year.

 

Smart thermostat system percentage savings based on BEAMA and Salford university research statistics 2021. Smart Mode savings based on Schneider Electric research on Wiser user data 2021. Energy consumption calculations based on Ofgem average and applied to British Gas Direct Debit rate, with an estimated total household fuel bill of £1717 per year, October 2024. Heating and hot water estimated at 50% of total household fuel bill according to ‘Which?’ equating to £858.50 per year. £400 (averaging a £33/month save) save figure is a combined 30% BEAMA savings and 16% Smart Mode savings. Savings are guideline and will vary based on your home's thermal performance.