energy price cap increase autumn 2024

With UK energy prices going up by 10% this autumn now is a great time to look at how solar PV can reduce your electricity bill – and save the planet at the same time.  Ofgem announced on Friday 23 August that the energy price cap will increase by 10% from 1 October 2024.

This applies to a typical household who use electricity and gas and pay by Direct Debit. The price of energy will increase by around £12 per month to an average bill. The energy price cap runs from 1 October to 31 December 2024.

“As well as seeing an uptick in interest for solar PV, people are wanting to add battery storage to their existing solar system,” said Jaine Yule, Director of Solarkinetics Limited.

“Buying in electricity is often up to four times the price of what you’ll get if you sell it back to the grid. Being able to use the electricity you generate by storing it in batteries for use later makes perfect sense.”

The level of the energy price cap is made up of different costs, for example the wholesale cost of gas and electricity, costs to supply energy on the network and VAT. These costs are split within the energy price cap between the unit rate and the standing charge.