Wednesday, June 12, 2024
Energy Transition Outlook Report 2023
HomeRenewablesECIU‘UK’s inefficient homes face £700 extra energy costs as gas prices soar’

‘UK’s inefficient homes face £700 extra energy costs as gas prices soar’

A fresh study reveals a potential financial burden on homes rated Energy Performance Certificate (EPC) band F.

As the new price cap takes effect, these households could see their bills surge by a substantial £685 in comparison to those in EPC band C homes.

The Energy and Climate Intelligence Unit (ECIU) spearheaded the analysis, delving into the potential impact of the upcoming price cap on different EPC bands.

The findings highlight the disparities that could arise, with band F homes potentially bearing a significantly heavier cost burden.

Wholesale gas costs are on a steady rise, expected to remain two to three times higher than pre-crisis levels in the coming years.

This translates into elevated gas bills.

With around 40% of the UK’s electricity generation reliant on gas, the impact ripples to electricity costs, highlighting the intertwined nature of energy expenses.

Jess Ralston, Energy Analyst at ECIU said: “The government says it wants to cut the cost of living – getting the ECO scheme running better in time for winter, insulating homes so households need less expensive gas could do that.

“We also have to consider security of supply this winter, as we are not out of the woods on the gas crisis yet and prices are predicted to stay higher than pre-crisis in the long term.

“More UK gas won’t come online anytime soon, and won’t help with prices anyway as they are set by global markets. More renewables and insulating homes would shield the UK permanently from volatile gas prices.”

Energy Live News
Energy Live News
This article first appeared on Energy Live News, an award winning news service. Their mission is to give you balanced news, analysis, commentary of energy from their dedicated team of quality journalists and production staff.
- Advertisment -
Energy Jobline LinkedIn

Most Popular

Recent Comments