Insulate your home and cut your energy bills by up to £310

19 January 2012

Scottish Power this week became the last of the ‘big six’ energy suppliers to reduce their prices in 2012, with the announcement that it will cut the cost of gas by 5%.

The move follows in the footsteps of British Gas, EDF, E.ON, Npower, and Scottish & Southern Electric (SSE), who have either cut the cost of gas or electricity by around 5% since the turn of the year.

As well as Scottish Power, EDF and Npower have cut their gas prices by 5%; while SSE has reduced their gas price by 4.5%. E.ON and British Gas have reduced the cost of their electricity by 6% and 5% respectively. None of the ‘big six’ have implemented cuts for both gas and electricity.

The price reductions will be welcomed by households, although when put into perspective they are much smaller than the price increases of late 2011.

Between August and November of last year, each of the ‘big six’ energy suppliers increased the price of gas by 15-20%. This means that even taking into account the latest cuts, household energy bills are still 10-15% higher than they were at the same time last year.

According to Neil Clitheroe, Scottish Power’s CEO of Energy Retail and Generation, despite the latest price reductions, energy costs are generally likely to continue rising:

“Although there has been a short-term fluctuation in the wholesale gas market that has allowed us to pass on today’s reductions, the global demand for energy is increasing faster than its supply. This will inevitably lead to higher energy cost in the long-term”.

With prices likely to increase in the long-term, a quick and easy way to lower energy bill payments is to take advantage of free Government Home Insulation Grants. These are currently available to all homeowners and private tenants and can cover up to 100% of the cost of Cavity Wall and Loft Insulation.

A household with Cavity Wall and Loft Insulation will better retain heat and subsequently reduce energy bills by up to £310 per year, according to the Energy Saving Trust.

Apply Online now for a Government Home Insulation Grant.

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