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Energy Price Tariffs Changed on 1st April 2024 - How Much Could You Save With Wiser?

We know that energy costs are a large proportion of household costs, over 50% according to the Energy Saving Trust, and we’re committed to not only ensuring our products perform to help you reduce utility bills, but to help you stay in the know about regular changes to energy tariffs using updates from the energy regulator Ofgem.

 

Get the lowdown - The latest changes to the Energy Price Cap

 

When did energy prices change?

The Energy Price Cap changed on 1st April 20241 and will remain the same until 30th June 2024.

 

Did energy prices go up or down?

Energy prices went down an average of 12%2 of the annual bill.

 

How much is the average gas and electricity bill now?

The average household will pay £1,6901 per year during this period, a drop of £238 compared to the period of 1st January 2024 to 31st March 2024.

 

When will energy prices change again?

The next change to the Energy Price Cap will be on 1st July 2024, and it is predicted to go down again2 for the 3-month period that will follow.

 

 

Want to lower your energy bills? Get proven savings with Wiser

We’ve combined research by BEAMA with our own to demonstrate how much you could save on your annual energy bill when you upgrade a basic heating controls system to Wiser.

Our calculations show you could save around £3803 on annual energy bills when you upgrade to Wiser from a basic non-programmable thermostat, harness multi-room control using smart radiator thermostats, and make the most of the Smart Modes that are built into the Wiser Home app.

Our handy infographic helps you understand how we’ve calculated these savings.

Now, it’s not quite as simple as adding each saving up to the grand total, but the research shows that upgrading your thermostat, harnessing smart control from anywhere, and adding multi-room control can altogether save up to 30% energy, and making the most of the Smart Modes will save an extra 16% energy on top of that.

 

Wiser - Saving you 30% On Your Heating

 

Wiser Explains: Just what is the Energy Price Cap?

This measure by Ofgem sets a limit on how much energy suppliers can charge their customers per unit of gas and electricity used, and a maximum daily standing charge, in order to protect customers when wholesale energy costs fluctuate, such as in response to world events.

Why do Energy Prices Change every 3 months?

Ofgem reviews and adjusts the Energy Price Cap every 3 months considering factors like season, energy supply and demand, world events and wholesale energy prices.

 

1www.ofgem.gov.uk

3www.moneysavingexpert.com

3 Smart thermostat system percentage savings based on BEAMA and Salford university research statistics 2021. Savings are a guideline and will vary based on your home's thermal performance.

 

 

Smart thermostat system percentage savings based on BEAMA and Salford university research statistics 2021. Energy mode savings based on Schneider Electric research on Wiser user data 2021. Energy consumption calculations based on Ofgem 'typical' household figure, with an estimated total household fuel bill of £1690 per year, April 2024. Heating and hot water estimated at 50% of total household fuel bill according to Energy Saving Trust equating to £845 per year. £380 save figure is a combined 30% BEAMA savings and 16% mode savings. Savings are guideline and will vary based on your home's size and thermal performance.