It’s no secret that the average UK energy bills have shot up over the last few years, which has increased the need for renewable technologies such as heat pumps.
Since 2004, energy bills have risen from £605 to £1,060, pushing many homes into fuel poverty. This shocking increase in yearly bills has prompted many to invest in renewables, in an effort to generate free heat and electricity.
Heat pumps are one form of renewable technology you could benefit from. Geothermal heat pumps take natural heat from the ground, and transfer it into usable energy for the home.
An IPPR report shows that the big six energy suppliers, which include EDF and Scottish and Southern Energy, are continuing to dominate the energy market though. And as homes are still uninsulated or not using renewables, consumers are paying £1.9bn more than necessary.
IPPR also say that there needs to be tougher regulations imposed to improve energy competition and ensure that pricing is fairer for consumers.
And the IPPR’s associate director, Will Straw, said: “We are calling on the big six and Ofgem to demonstrate whether efficiency savings are being achieved in the energy market and whether consumers are benefiting from lower bills as a result, as we would expect if competition was working.”
By installing heat pumps, you’ll take away the need to be paying these expensive energy bills. And these prices are only expected to rise in the years to come, so you’ll save even more money.
- Generate free heat, helping homeowners to avoid paying expensive annual bills
- Use a natural energy, which makes them extremely environmentally friendly and cuts carbon emissions
Good Energy is the only company to distribute 100% of its supply through renewables. CEO and founder, Juliet Davenport, said: “IPPR’s report is a timely reminder that our energy market is broken, and its households and businesses who are having to foot the bill.
“We need a new approach that moves away from the dominance of the Big Six energy suppliers, to one that encourages genuine competition and enables individuals, businesses and communities to generate their own power. That approach is good for people’s bills and an important way of ensuring that people get the quality of service they expect. This report provides some important suggestions on how to achieve that.”
The report from IPPR also shows that the wholesale price of gas is some of the reason behind the huge rise in household bills – up £290 for an average home in the last eight years.
Heat pumps will help you escape these rising prices, so why not see how much you could save with renewables. They use a natural energy source and will reduce your bills by as much as £300 a year.