The UK government has today (23 February) announced long-term measures aiming to help households save on their monthly energy bills.
These measures include examining how standard energy deals should work to pass on the cheapest electricity costs, as well as £10 million in funding for companies to test new technologies and tariffs with their customers to make the most of cheap, low-carbon power.
This announcement also sees the launch of a new scheme to help customers repair or replace smart meter in-home displays after the one-year warranty.
Eight suppliers, covering nearly two-thirds (60%) of the market, have signed up thus far, including E, E.ON, Good Energy, Octopus, Ovo, Scottish Power, Utilita and Utility Warehouse.
More than half of UK households already own smart meters, meaning they can access cheaper, off-peak energy tariffs, as well as saving up to £900 on energy bills by charging an electric vehicle (EV) at home overnight with off-peak tariffs.
The government is also putting out a call for evidence on standard energy tariffs, which customers are rolled onto at the end of fixed-term contracts, resulting in the vast majority paying a flat rate throughout the day and a potentially higher price than they need to.
This call for evidence comes shortly after Ofgem announced that the Default Tariff Cap will be set at £1,690 for the average dual fuel household paying by direct debit for the next year, coming in at the lowest price since the onset of the energy crisis.
Read more: Current+