Conflict in the Middle East has sent oil and natural gas prices soaring.
While the most obvious effect can be seen in liquid fuels, where petrol, diesel and home heating oil prices have reacted quickly, the effect on electricity prices is now beginning to feed through.
In the UK and Ireland, natural gas remains the primary driver of electricity prices. When gas prices rise, electricity prices follow.
Supply concerns have been further intensified by damage to Qatar’s massive Ras Laffan LNG facility, with repairs expected to take several years. Even if geopolitical tensions ease, restricted supply is likely to keep energy prices elevated.
Experts are now predicting that household electricity costs could increase by £600-700 per annum.
What this means for homeowners
Rising electricity prices make the economics of solar even more attractive.
The higher the cost of grid electricity, the more valuable each unit of solar energy becomes – meaning systems pay for themselves faster and deliver stronger long-term returns.
In other words, current conditions make solar a financially smart decision.
Take control of your energy costs
Installing a solar energy system allows you to reduce your dependence on the grid and protect yourself from future price increases.
If you’d like to see what solar could save you, we can provide a tailored estimate based on your home and energy usage.
Get in touch today for a no-obligation quote and start taking control of your energy bills.
Call us on 0345 548 0118 or email sales@buzzingaboutsolar.co.uk with your name, contact details and address.
