UK Government Announces “Energy Price Gaurantee”

UK Government  Announces “Energy Price Guarantee”

What it means for Elderpark tenants

The UK Government has made a significant announcement on the cost of living crisis. Prime Minister Liz Truss has set out what it will do to help as a result of the rapid increases in energy bills. Here at Elderpark Housing we are acutely aware of the serious impact rising bills have on our tenants and the implications for household budgets.

To make what the Government has announced easy to understand we have put together this summary to help you absorb what is coming in terms of help.

So what did the UK Government announce?

From 1st October, a new ‘Energy Price Guarantee’ will mean a typical  UK household will now pay up to an average £2,500 a year on their energy bill for the next two years. The saving will, of course, depend on usage but is automatic and applies to all households.

This new help comes IN ADDITION to the announcement made some weeks ago by the Government that all households will receive £400 off their bills. The £400 discount, administered by energy suppliers, will be paid to consumers over 6 months with payments starting from October.

Those with a domestic electricity meter paying for their energy via standard credit, payment card and direct debit will receive an automatic deduction to their bills over the 6 month period – totaling £400.

Prepayment meter customers will be provided with Energy Bill discount vouchers from the first week of each month, issued via text, email or post, using the customer’s registered contact details. These customers will need to take action to redeem these at their usual top-up point, such as their nearest local PayPoint or Post Office branch.

In all cases, no household should be asked for bank details at any point. You are urged to stay alert of potential scams.

Remember that if you are having difficulty with your finances – especially if this has implications for paying your rent – you can speak to us in total privacy. Early intervention is always a good idea and there may be ways we can help.