The UK government have announced updated measures for supporting households with energy bills, which will come into effect from April 2023.
Important news on UK household help was announced by the Chancellor of the Exchequer in mid-November. Whilst the Government have committed to extend the Energy Price Guarantee to April 2024.
Currently, the Energy Price Guarantee has ensured that the typical household can expect to pay no more than £2,500 a year for their energy. From April 2023, this price gap will be increased to £3,000, meaning many households will see a rise in their energy bills.
The Government will target additional support as follows:
- During 2023-2024, payments for the cost of living will be made in tranches in the following amounts:
- £900 for means-tested households
- £300 for pensioners
- £150 to households receiving disability benefits
- Financing for alternative fuels for households outside the gas network will be increased to £200 (from £100). In addition, all households in Northern Ireland will receive this £200 benefit.
- All local authorities will receive additional funding from the Household Support Fund. A total of £1 billion will be allocated for this.
Many households will continue to struggle to heat their homes and improving the energy efficiency of homes across the UK has become more important than ever in a bid to reduce energy usage.
Lendology provide a range of loan products, funded by local councils, to support homeowners to spread the cost of energy efficiency measures. We also welcome home loan applications from homeowners who may be in receipt of benefits, self-employed, or retired.
For a free, no-obligation assessment or for more information, call Lendology on 01823 461099 or apply now: https://www.lendology.org.uk/apply-now/
