What will Brexit mean for UK energy prices?

A reliance on European power has got many homeowners worried that their energy bills are going to see a significant increase in the cost of lighting and heating their homes should the UK leave the EU with no deal.

With the UK currently importing 7% of our total energy requirements for commercial and residential use, new findings have shown that the government wants to increase the level of imports by 20% by 2025, with many experts warning that imported energy could come with higher bills.

Another element affecting UK energy prices is the strength of the pound, with an anticipated fall in value against that of the euro should the UK severe ties with the EU without a deal. For the average UK home, this would see an average increase of around £35 for electricity and £40 for gas per annum.

Adding to the recent Saudi Arabia drone strike that wiped out 5% of the global crude oil reserves and that also led to an increase in the price of fuel at the pumps, this attack is also due to impact the UK energy sector which is starting to trigger warning signs for many individuals who are already struggling to keep their energy bills in check.

Therefore, here are a few tips to help you prepare for any potential energy price hikes before Brexit comes into force.

Check your energy prices

If you’ve not reviewed your energy prices recently and have just trusted your current supplier to give you the best deal, you could be paying more for your energy than you need to. Don’t be afraid to give them a call to discuss suitable tariffs or use a price comparison site to track down the best deal.

Get energy savvy

Homeowners looking to limit the impact of Brexit on their bank balance should start to get energy savvy to avoid wasting this precious resource. Changing old lightbulbs to energy-efficient LED lights can help save up to £70 a year and can be purchased from our website for just a few pounds each.

You could also look at better insulating your home and getting a smart metre installed as they can help you keep a much closer eye on your energy consumption.

Turn the temperature down

Did you know that dropping the thermostat down by 1 degree can help you save up to £75 per year on your heating bills? By slightly reducing your room temperature, you can make some significant savings just by popping on a jumper or a thicker pair of socks.

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