Beat the energy price rises
Another month. Another energy price rise.
On the 8th of August, British Gas have announced a 3.8% increase on standard variable tariff prices (SVT) from 1st October 2018. This increase means that more than three million customers will see their energy bills increase by £44 a year. This is the second increase in one year.
Although British Gas are the first to announce a rise in prices, others are set to follow.
Why are energy prices rising?
Wholesale costs have been sharply increasing since the start of the year. Unfortunately, these non-energy costs are out of suppliers’ control and they’re having to make up the cost by increasing energy bills.
"This increase we are announcing today is reflective of the costs we are seeing which are beyond our control." says Mark Hodges, chief executive of Centrica Consumer, of which British Gas is a part.
But, are business energy prices also set to follow?
Are business energy prices also rising?
Although the rise in British Gas home energy prices doesn’t directly affect businesses, it is a wake up call. As a hike in home energy prices can usually trigger a rise in business energy prices.
It’s important to secure yourself into a fixed price tariff, as this protects your prices - and the cost of your bills. If you don’t have the time stay on top of your energy, check out our free Do It For You service.
How do I avoid energy price rises?
Compare and switch regularly. It’s simple. The more you stay on top of your energy renewals, the less vulnerable you are to energy price rises like this.
The only thing is, you’re a business owner. So you don’t have time to constantly check for cheaper prices. You probably don’t even have time to switch before your contract ends. That’s why it’s important to be set up on a service that does all of that for you.
Our Do It For You service ensures that you’re always on our best price and sets everything up, so you don’t have to.
That’s your business energy sorted. For your home energy, you can compare and switch online within minutes. Take a look at how much you could save now.
Other factors that impact your business energy prices
As well as the increase in wholesale costs that has driven up British Gas’ home energy prices, other factors can impact the cost of energy.
The recent heatwave, for example, has caused extra strain on electricity demand and production. With overuse of business energy drainers, such as air conditioning systems, electricity demand has gone up. To find out more about how the recent heatwave is affecting your energy prices, read our article on The impact of heat on your energy prices.