On September 2022 then UK Prime Minister Liz Truss announced the Energy Price Guarantee would be introduced from October 1st. This meant that household bills for typical household energy consumption will not exceed £2500. The scheme was and initially planned to last two years.
This was later amended to run until the end of March 2023 by new UK Prime Minister Rishi Sunak. A forthcoming review was then announced to design a more target approach which costs the taxpayer less.
Ask any homeowner in the UK and they’ll likely tell you that, irrespective of the decisions made by any reshuffle of the Conservative government, they’re still worried, concerned even, some, no doubt, tightening their belt in an effort to keep energy costs to a minimum.
How Does the Energy Price Guarantee Affect Homeowners?
The government’s Energy Price Guarantee (EPG) limits the amount that you can be charged for each unit of energy used. This means that despite your total energy bill being calculated by adding the number of units you use up, energy cost will NOT rise to sky-high amounts.
To limit customers’ bills, the government has acted decisively by compensating energy firms the difference between the wholesale price of gas and electricity and the amount that they can charge customers.
This basically means that instead of the typical household dual-fuel energy bill rising in-line with Ofgem’s price cap (£4,279 for the period of January 1st to 31st March), a typical UK household will see an average annual bill of £2,500 until 31st March 2023. From 1st April 2023, the government will then raise the EPG level to an average bill of £3,000 for a further 12-months.
So, as 2023 unfolds, most homeowners can expect a slight increase in their monthly energy bills. However, any increase will be nowhere near the projected costs touted at the end of summer 2022.
Now’s the Time to Invest in Home Insulation
According to an autumn 2022 article published in The Guardian, ministers have concluded that reducing heat loss in the home has the potential to significantly ease the financial strain on homeowners many homeowners are facing in the wake of rising energy costs.
Indeed, research has uncovered that the UK ranks among the most energy inefficient countries in Europe, leading to the conclusion that there is an urgent need to reduce the amount of heat being wasted. This data was viewed as a catalyst for Liz Truss’ decision to rollout schemes to help people affected by the energy price gap, bringing them relief from expensive energy costs.
With Liz Truss’ promises and Rishi Sunak’s U-turn, it’s clear that financially conscious homeowners need to take matters into their own hands and invest wisely in the foremost home insulation to improve the efficiency of their homes and save money – even as the winter months slowly evolve into the warmer spring climate.
The Benefits of Installing Home Insulation
Whether you choose to install cavity wall, loft or external wall insulation , the benefits you’ll reap will not only improve the comfort of your home but, help you to tighten the purse strings in the face of mounting energy prices.
However, the benefits of home insulation don’t cease with finances and feeling more comfortable when the temperatures drop. There’s more. Benefits that you can reap from the moment that you install tailored home insulation.
Interested in learning benefits you can’t afford to miss out of regardless of the season? Check out our lowdown of each below.
- The Money Saved on Energy Bills
A well-insulated home is warmer in the winter and cooler in the summer. Of course, this makes your home more comfortable throughout the year. This results in a lower energy output to achieve the desired room temperature which will save you money.
- Home Comfort
As previously mentioned, by installing tailored home insulation solutions, you can keep your home’s temperature consistently pleasant all year round. Rooms will feel less draughty or too hot when the summer temperature rises.
Not only that, insulating your home well can help reduce exterior noise, meaning that your home will feel more peaceful and relaxing.
- Increase Property Value
A well-insulated home – one that’s more comfortable all year round – can make all the difference to potential buyers. Installing those insulation solutions that will meet not only your, but the energy and personal needs of any potential buyers when you come to sell will add value to your home.
You may not know that a great deal of home insulation is manufactured from sustainable, eco-friendly materials, something that further increases your home’s desirability whilst reducing your carbon footprint.
Whether you have one eye on selling your home in the near future or are looking to upgrade your home and save money, tailored insulation is a great choice.
- Extreme Temperatures
2022 saw a very warm summer and a very cold winter, arguably one of, if not the greatest difference in seasonal temperatures for a decade.
In fact, according to an article released by the Met Office on 28th December, * last year was provisionally the warmest year on record. Ever. Temperature’s exceeding 40 degrees Celsius were registered in Coningsby, Lincolnshire in July, the first time on record that temperatures in the UK exceeded 40 degrees.
Conversely, the first two weeks in December were registered as being the coldest on record since December 2010, with Braemar in Aberdeenshire dropping as low as -17 degrees Celsius.
Such extreme fluctuations in temperature have caused many homeowners to consider their home insulation and whether they should safeguard their health and improve their overall comfort in the face of changing seasonable temperatures by making necessary home improvements.
What Will 2023 Bring for Energy Prices and Why There’s Never Been a Better, Or More Important Time to Invest in Home Insulation
Most people in 2023 will be working to a tighter budget, we understand that. However, a tighter budget means basic human needs will need to be covered and frivolous spending cease.
Is safeguarding your personal and financial health considered frivolous? Well, if you really think about it, the answer is no. Improving your home insulation is a great way to save money, improve the comfort of your home, offset the effect of yet another year living through what can only be described as an extreme climate for the UK.
INSUL8 has the knowledge, expertise and experience to provide cutting-edge home insulation solutions that deliver all these benefits. Even better, you can sleep soundly at night knowing that you’ve improved the eco-friendliness of your home.
The only question left to ask yourself in the face of uncertain energy prices and who knows what 2023’s climate will bring is, can you think of any reason to NOT install tailored home insulation solutions this year?