Energy prices are increasing, meaning anyone not on a fixed tariff will be suffering. It will surprise you how high this number could be. Many consumers have allowed their tariff to switch from fixed to standard while they find a new property. But with a global pandemic and a shortage of stock being reported by many agents, it’s difficult to move.
Landlords who have included utilities on the monthly rent will also see a large drop in profits. The amount of people affected by this is only going to rise as fixed tariff contracts elapse. The Mirror reports that 226 energy deals will finish within 2 months, affecting thousands of people.
Comments by British Gas owner Centrica suggests this could be an ongoing issue for up to 2 years, at which point many fixed tariffs will have elapsed. Standard tariffs are currently capped at £1,277, which is a small win for consumers, though according to Uswitch, the current average fixed tariff is £2,391.
Landlords can make energy efficient changes to their properties, though this is a cost. Landlords can stay ahead of the Minimum Energy Efficiency of Buildings Act currently going through parliament, which will require properties to have a minimum EPC rating of C to rent by 2025.
Tenants can also explore energy efficient changes
- Switching appliances standby off
- Turn off lights
- Turn down the thermostat by one degree
- Wash clothing at a lower temperature
- Spend less time in the shower
- Avoid using the tumble dryer
- Put less water into the kettle
Government Schemes
If you or your tenant needs help, the government provides various schemes, grants, benefits and services to help.
Find schemes, grants and benefits to help with home energy | Ofgem