Friday, January 22, 2010
Category:
Home Improvements
According to uSwitch.com, households could see their winter fuel bills rise by £60 if low temperatures continue into next month.
However the price comparison and switching service does not believe that actual energy prices will increase as per reports.
uSwitch estimates that the average daily cost of heating a home could rise from £3 to £4 as a result of the cold spell, which could leave households having to find an extra £60 if the cold snap continues for two months.
In relation to energy prices however, uSwitch points out that suppliers purchase their energy approximately twelve months in advance and can service greater demands by ‘topping up on the daily spot market’. Therefore, it is believed that consumers should not be concerned about price hikes in the short to medium term.
Energy expert at uSwitch.com, Tom Lyon, commented: "If the cold snap continues through February it could add £60 on to household energy bills, but the cold snap would have to continue for far longer to have an impact on energy prices. Higher demand because of sub zero temperatures and the current rationing of energy to certain businesses does not mean suppliers will need to increase household energy prices. Hopefully this will reassure consumers, but our advice would be to think now about budgeting for an extra £60 for when the winter fuel bill drops through your letter box."
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Homeowners whose properties are a little chilly this winter, due to long overdue repairs, could consider taking out a secured loan for
home improvements to rectify any problem areas. One of many finance options available, a secured loan for home improvements could allow borrowers to replace any draughty doors or windows for example. Heat retention could also be improved by means of thorough insulation. Borrowers who have been hankering after a lovely warm fire in their living room could also utilise a secured loan to facilitate this investment. It could be possible to turn a cold house into a warm and welcoming home.
