There’s good news for families amid a Cost of Living crisis as figures show households will be hundreds of pounds a year better off in 2024. New research has predicted that household bills – including energy bills – are to drop by around £350 in comparison to this time last year, meaning more money in the bank – or back pocket – for many families.Experts say the combined annual cost of household bills – including energy and council tax – is to fall by 6% compared to last year.
Set by energy regulator Ofgem, the Energy Price Cap changes four times a year – 1 January, 1 April, 1 July and 1 October.The new rates mean that energy prices are now at their lowest level in two years. Shop around for cheaper deals Andy Hancock, Chief Growth Officer at Compare the Market, called the drop in bills ‘good news’.
He also advised consumers to shop around for cheaper deals. And explained that this is still ‘one of the best ways for anyone to try and save money’.
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