The last few weeks have brought some better economic news for hard-pressed households. The economy is out of recession, inflation is down to 2.3 per cent and, best of all, the Energy Price Cap is about to come down again.
Whether all this was enough good news after a couple of years of strain and gloom for prime minister Rishi Sunak to call a general election is another matter, one on which the public will shortly have its say. But for households watching the bottom line after the cost-of-living crisis, there is certainly some relief in sight.
The Price Cap Falls Again
The announcement by energy regulator Ofgem of the new Energy Price Cap will be particularly pleasing after gas prices surged in the wake of the Russian invasion of Ukraine two years ago. The stabilisation of supplies as the Western world weans itself off Russian gas has meant what appeared to be a major risk of a shortfall is now a remote threat.
From July 1st to September 30th the price will be capped at £1,568 a year for a typical household using gas and electricity. This figure is down £122 from the present figure of £1,690.
As ever, there are regional variations, but the overall trend is positive; the cost of using gas and electricity continues to decline in absolute terms, which is helping to bring down inflation. If you happen to have a mortgage, there could be further good news because lower inflation could soon prompt the Bank of England to start cutting interest rates.
Don’t Be Complacent, Get A Service
However, while such developments may make you feel a bit better off this summer, you should avoid the temptation to sit back and relax, content that things are in a better place with energy bills now. That’s because things could be even better if you get your boiler serviced.
If you have already done this, you will know how much more efficient the appliance will be, which means you can save money while at the same time enjoying a more reliable supply of hot water for your various household needs.
Boilers may be less vital in summer when the weather is warmer and you don’t need to heat your home or have as many hot meals and drinks, but that actually accounts for one of several reasons that summer is the best time for a service.
This is because if you get your boiler serviced, it will be temporarily out of action while this takes place. But that is no problem if you do it when the weather is warm and you won’t be left shivering because there’s no hot water for a while.
Several other reasons can be listed as well. Any faults can be picked up before you use the boiler heavily. You will also find it is easier to find an engineer available at a convenient time because there are far fewer emergency call-outs than in winter, when a failed boiler becomes an urgent and in some cases life-endangering situation.
Having your boiler serviced is also a lot cheaper than dealing with a breakdown, so taking action now instead of waiting for the possibility something could go wrong in winter will also pay for itself.
Finally, if you have had your boiler serviced, you will count as a regular customer and could get priority if something does go wrong with it later.
Enjoy An Efficient Boiler While Saving Money
These all amount to practical and sensible reasons for getting your boiler checked out and in its best working order months ahead of the time when it will come under the greatest stress.
However, it is the financial benefit that you will gain in the long run. Even in the summer months, when the boiler use will be less, you will make some gains from its greater efficiency. But this will be multiplied when the autumn and winter arrive.
By that time, a new Energy Price Cap will be in place. Hopefully, the cost will be no higher and perhaps lower once again, bringing more relief to consumers at the very time when they will start turning the boiler on more regularly. But a boiler that functions more efficiently will add to this.
The summer might bring plenty of heat in the weather forecasts (and hopefully a lot less rain), while the heat will certainly be on a few politicians as the election approaches. But with a combination of cheaper energy and more efficient gas boilers, there is every reason to think that one thing that won’t be hot is a hole being burned in your wallet.