Freezing February to add £84 to energy bills

by Matt Ridout on 08 February 2012  |  2 comments
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With temperatures plummeting across the UK, many households will be upping the thermostat. However, most may not be aware of the hefty financial costs a prolonged cold snap will have on their bills.

We have been told by forecasters that this February will be unusually chilly, with temperatures forecast to be 6.7 degrees colder on average than February 2011, according to Met Office statistics. Of course, the colder it gets the more energy is needed to maintain a comfortable temperature in the home.

If the forecasts do indeed prove accurate, the amount of gas needed to heat your home will increase by one-third.

What this means in real terms is an additional £2.2 billion that British households will be paying this month compared to the same time last year. This works out at about £84 extra for the month per household. This isn't just due to the sharp drop in temperatures though - it's also down to the 18% rise in domestic gas prices during the past year ,which have hardly been dented by last month’s price drops of 2-3%.

Needless to say, this increase will definitely put a pinch on the average household budget. Now is the perfect time to ensure that your home is as energy efficient as possible, checking windows and doors for draughts and using draught excluders where necessary. Lofts should also be checked to ensure that heat is not escaping through lack of insulation. 

On top of this, you should focus on whether you are paying too much for your current energy supply needs. Comparing suppliers and finding a cheap deal now can help offset the increased costs that many of us will face if the bitter weather persists. Savings of £200-£300 are not uncommon for households that have not reviewed their supplier for 18 months.

* against typical bill of £1,345 per year as estimated by Ofgem. All costs are for a yearly average usage dual fuel household paying by monthly direct debit. Average usage defined by Ofgem as 16,500 kWh p.a. of gas and 3,300 kWh p.a. of electricity.

Compare energy tariffs at lovemoney.com

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