6 Million UK Families To Face £320 Energy Bill Rise
Millions of UK families are set to face higher energy bills when the energy price cap increases in April, adding to the cost of living crisis spiralling through the nation. On top of this, there are fears that the conflict in Ukraine could lead to further increases from October.
A new study by the Resolution Foundation suggests that annual heating bills for families living in the UK’s 4.2 million E-rated homes will increase by a minimum of £320 more than those living in EPC C-rated homes when the price cap goes up in April. Meanwhile, those living in the UK’s 1.5 million F-G-rated homes are set to see a surcharge of £390. In total, the cost across all D-G-rated homes is expected to hit £3.9 billion.
There are currently government plans to better insulate private rented properties by requiring all homes to meet a C-rating by 2028. However, at present, these plans do not extend to homeowners. For low-income homeowners, this will prove particularly challenging, the report warns, with 72% of this group needing to cover the costs of home improvements.
While many are fearful of the price increases that April will bring, costs will likely rise again in October. According to a report by Investec, bills could top £3,000 a year at this point, due in part to the conflict in Ukraine.