As autumn is fast approaching – how to save money, rising energy prices and how we can afford to keep ourselves warm will soon be a major focus again for many of us.
This Eclipse Energy guide on 7 ways to save money this autumn, will hopefully help to ease some of these concerns.
1. Cost of Living Payment
With the first payment of £301 being rolled out back in April and May, the second Cost of Living Payment of £300 is due this autumn. With a third installment, of £299, to follow in Spring 2024.
Those eligible, who receive one of the following government benefits, will have the money paid directly into their bank.
- Universal Credit
- Income-based Jobseekers’ Allowance
- Income-related Employment and Support Allowance
- Income Support
- Working Tax Credit
- Child Tax Credit
- Pension Credit
2. Interest Rates
At 5.25%, base interest rates are currently at their highest level since 2008. The Bank of England is likely to raise interest rates even further following its next announcements on September 21nd and November 2nd, 2023.
Whilst rising interest rates are not good news for those with mortgage repayments, it is good news for savers. So get researching into the best savings accounts with interest rates to save more money.
3. Energy Price Cap
The Energy Price Cap, which limits the amount energy companies can charge per unit, is currently set at £2,074. Whilst this means that a typical household bill would be capped at this level, it doesn’t cap everyone’s bills. The cap is on each unit of energy, so the more you use, the more you will pay.
On October 1, the Energy Price Cap will be reset. At this time, no-one knows what the new Energy Cap will be. So it is difficult to plan ahead and decide whether now is the right time to switch to a fixed tariff or not, it could come down further on October 1.
4. Winter Fuel Payment
The Winter Fuel Payment (£250 to £600) is available to help people pay their heating bills and is made by the government to people born before 25 September 1957. The amount includes a ‘Pensioner Cost of Living Payment’. Which is between £150 and £300 (separate to other Cost of Living Payments).
You do not need to claim if you get any of the following:
- State Pension
- Pension Credit
- Attendance Allowance
- Personal Independence Payment (PIP)
- Carers Allowance
- Disability Living Allowance (DLA)
- Income Support
- Income-related Employment and Support Allowance (ESA)
- Income-based Jobseeker’s Allowance (JSA)
- Awards from the War Pensions Scheme
- Industrial Injuries Disablement Benefit
- Incapacity Benefit
- Industrial Death Benefit
If you do not get any of these, you need to claim if either of the following apply:
- You’ve not got the Winter Fuel Payment before
- You’ve deferred your State Pension since your last Winter Fuel Payment
5. Energy Help Schemes
From November 1, if the average temperature in your area is recorded as, or forecast to be, 0°C or below for a period of seven consecutive days or more, you will be entitled to receive the government’s Cold Weather Payment scheme. The Cold Weather Payment scheme pays out £25 for each 7 day period of cold weather until March 31.
Also available from October is the Warm Home Discount Scheme. This scheme is available to those receiving the Guarantee Credit element of Pension Credit and those on a low income but with high energy costs. Those who are eligible should be notified by letter and receive a one-off discount off their electricity bill of £150.
6. Save money with the free ECO4 Scheme
If you are in receipt of government benefits or have a household income of less than £31,000, then you are more than likely to qualify for ECO4 funding.
The ECO (Energy Company Obligation) is a government energy efficiency scheme across the UK. It requires energy suppliers to fund energy efficiency improvements to domestic properties, focusing on vulnerable households and those most likely to be impacted by fuel poverty.
Under ECO4, companies like Eclipse Energy are able to access this funding, deliver energy efficiency measures such as insulation and heating upgrades to low-income households and properties that are hard to treat. The scheme aims to reduce carbon emissions and tackle fuel poverty.
To find out more about ECO4, how to qualify, and which home improvements you can receive – check out our guide to the ECO4 Scheme here.
7. Save money on insulation with the Great British Insulation Scheme
If your home needs insulating, but you do not receive government benefits, there is now also a chance to get some funding to improve the energy efficiency of your home for free through the new Great British Insulation Scheme.
The Great British Insulation Scheme is a new government energy efficiency scheme (previously called ECO+). The Ofgem administered scheme is designed to insulate the least energy efficient homes in Great Britain, to tackle fuel poverty and help reduce energy bills.
Whereas the ECO4 scheme offers grants for a wide range of home energy efficiency measures, the Great British Insulation Scheme focuses its grants purely on delivering lower-cost insulation measures. This will allow as many households as possible access to support much more quickly, with grants being mainly offered to those who haven’t previously received funding for improving their home’s energy efficiency. Homeowners, landlords, and private tenants may be eligible for the scheme.
At Eclipse Energy we can install all the insulation measures within this scheme and save you money.
To find out more and to see if you qualify for this free insulation scheme, please give us a call on 01422 414 850.