21 Aug Energy price cap expected to drop in the final months of 2023, before rising again in 2024
Energy bills are expected to drop in the final three months of 2023 before rising again at the beginning of 2024, according to new research from Cornwall Insight. Ahead of Ofgem’s announcement this week, experts have forecasted a price drop of £230 off the average bill starting from October. Though consumers and businesses can benefit from some relief from the drop in the energy price cap, bills are expected to stay high for the foreseeable future, causing concerns for businesses across various sectors with energy costs being a significant operational expense. In line with conversations about meeting net zero gain momentum, Mark Sait, energy expert and CEO/founder of SaveMoneyCutCarbon, the leading sustainability consultancy, is available to comment on how the price cap could be a significant hindrance to making sustainable investments to improve energy efficiency and reduce carbon footprints.
In its place, experts and business owners have suggested using a “social tariff” to provide lower prices to the poorest consumers and implement alternative measures to prevent loyal customers from being overcharged.
Mark Sait, CEO of SaveMoneyCutCarbon comments on how the EPC will affect businesses, and what they can do to shield themselves from high energy bills:
“The EPC will run until next April and it’s unlikely that anything will change before then. But price limits can distort the market and a return to a competitive environment might help both business and domestic consumers. However, the best way that both businesses and households can gain some control of their energy bills is by adopting smart ways to consume less, especially while they feel some relief in the last few months of 2023. Reducing your energy use in an efficient and sustainable way is far better than the constant scramble for a better deal on the bill-switching merry-go-round.
“Businesses are likely to bear the brunt of the changes needed if the UK is going to get to net zero, but there is little pragmatic support to help businesses of all sizes to better understand what can be done, and where to start. The market is very fragmented with many individual consultants, manufacturers and installers all tackling bits of the sustainability jigsaw. SaveMoneyCutCarbon is solving this, aggregating selected, proven technologies and solutions from a wide range of manufacturers. Products and solutions need to be carefully selected by building and application, brought together, and installed correctly to maximise savings. Now that businesses and homes can really save money through sustainability, the narrative is changing. Everyone wants to save money.
“Governments can establish rules and enforce, but it is businesses like SaveMoneyCutCarbon that need to create new ways of doing things, creating new business practices with positive measured outcomes. There needs to be. a positive framework to invest in and help grow businesses like SMCC as we deliver back more than shareholder returns.”
“Businesses can also offer our app combined with our learning platform, EcoWise, to their staff and provide an engaging, useful and entertaining way to learn more about being sustainable, while greatly strengthening the social element of their Environmental, Social & Governance (ESG) policies.
