Ofgem are set to increase the quarterly energy cap on or around the 27th of August.
This means the limit the price cap sets for a unit of electricity charged will increase and also sets the maximum current level the energy utilities can charge for a daily standing fee for this period. Next quarter’s anticipated cap, which will apply from 1st October to the end of 2024, is now increasing.
Areas such as Cornwall, which has long been a strong area for Solar PV installations, and is now leading the way for renewable energy, are still set for price increases.
Leading consultancy Cornwall Insight has now updated its forecast, which is predicting that the new cap will be set at £1,723 per year. This of course represents a 10% increase from the current cap which stands at £1,568 and was effective from 1st July 2024. These rises are in part due to certain geographical reasons but mainly due to increasing wholesale energy costs.
Such energy price changes are almost always an overall increase in energy costs. This is why SolarTherm UK create our solar PV calculations based on a roof survey and factor in energy price changes based on the CPI (Consumer Price index) to give a more accurate 20-year forecast of potential savings.
Looking back at our Cornwall customer data, for example. Solar installations undertaken by ourselves in this part of the country are showing some savings as high as 83% on our customer’s previous electricity bills, but average 68-73% when also taking advantage of battery storage solutions. Meaning most customers having had Solar PV are looking at a payback of the capital outlay in under 5 years!
And for further peace of mind, SolarTherm UK adheres to the strict vetting of our clients projected financial figures by EPVS (Energy Performance Validation Scheme). All of our projected savings are submitted to EPVS for approval before a single panel can be installed.
In conclusion, by choosing SolarTherm UK, you can be assured that the system you are buying will live up to expectations following approval of the documents by EPVS, and you are reducing your electricity costs and also future proofing your electricity unit cost by 70% on average.
If you are looking for ways to reduce your energy bills and protect your household from future energy price increases, you should seriously consider solar PV as an option. To receive a no-obligation, online quote, fill in our simple online form. With the information you provide, SolarTherm UK can typically provide you with a detailed system design and savings projection on the same day, including the estimated time period for return on investment.
