Those living in poorly insulated homes could see their energy bills increase by £340 annually, despite the announcement from Ofgem about the new price cap which will be effective from April.
Homes that are classed as band F on a properties Energy Performance Certificate (EPC) will see these increases according to a new analysis conducted by The Energy and Climate Intelligence Unit (ECIU).
They drew special attention to the energy price cap’s unbalanced effect on homes with poor insulation.
As gas prices escalate, which in turn inflates the overall energy cost, the combination of gas and electricity bills for poorly insulated homes are foreseen to rise by approximately £600. That’s a 40% increase in comparison to households that meet an EPC rating of C.
Surprisingly, even a household that has a good rating, (rating D) will experience an increase in their energy bills. This adds up to £230 more than those whose property has an EPC rating of C.
Jess Ralston, Energy Analyst at ECIU, said:
For millions living in cold, leaky homes, insulation is crucial for lowering bills. But with energy independence remaining a top concern for the public and politicians alongside the cost of living, insulation is now also key to reducing our demand for gas.
Unless we start to use less gas, we’ll just have to import more from abroad as the North Sea continues its inevitable decline, regardless of new licenses.”
Apply for Insulation
Insulation has never been easier to acquire and with government back schemes like ECO4 and the Great British Insulation Scheme, you could be eligible for insulation upgrades in your home.
You could receive insulation for your loft, cavity walls, and solid walls, all being great methods of preventing heat from escaping from poorly insulated homes and ultimately saving you money on energy bills.
