Energy bills for most households in Northern Ireland will increase significantly from 1st July as Government support comes to an end.
Suppliers Power NI and SSE Airtricity Gas have already announced decreased tariffs, which will unfortunately still result in bigger bills for customers without the extra help of the Energy Price Guarantee. Power NI customers may see a rises of around £49 on their bills, and SSE Airtricity customers around £134.
Click Energy is dropping its standard tariff by 10.36%, so that customers will, fortunately, see no changes to their usual annual bills.
firmus energy customers will see the biggest price hikes—at around £328 per year in both the Ten Towns gas network and the Greater Belfast gas network areas.
The standard tariff customers of electricity suppliers who did not change their underlying tariffs—SSE Airtricity, Electric Ireland and Budget Energy—will see their average bills rise by around £127 per year.
What is the Energy Price Guarantee—and why is it ending?
The Energy Price Guarantee was only ever a temporary support. It reduced the amount you were charged per unit of electricity and gas, and effectively subsidised the full cost of the energy. It was aimed at supporting households through the current cost of living crisis when energy prices were at record high levels.
While the original plan was to end this support from March 2023, it was extended to the end of June this year, albeit at a reduced rate.
Now, it has come to an end, and the price rises which were largely absorbed by the Energy Price Guarantee will come into place.
Will prices stay high?
The government will review the need for the scheme every 3 months until spring 2024, so if energy prices increase significantly in the winter many will argue for government to reinstate some level of support.
Can I do anything to save more money?
Firstly, every household in Northern Ireland can make careful and considerate changes to their energy usage habits to keep costs low. That means turning off lights when they aren’t in use, being mindful of how and where in the home you are using heat, and investing in good, effective insulation. There are other tips and tricks to be aware of to, which we have detailed in our blogs:
- 7 energy efficiency DIYs to help save money
- How to save money and energy in the kitchen
- Save £90 on energy bills with this easy hack
- How to stay warm for cheaper this winter
The fastest and simplest way to save energy on your bills, however, is to simply switch energy deals. On average, over the past 12 months, customers who switched deals with Power to Switch saved £281 on their annual bills. Compare today to see what you could save.
