17th February 2013
The cost of green initiatives introduced by the Government, and hidden within energy bills, has increased by more than 200% since 2010 a recent study claimed. One energy company claimed that the cost of initiatives such as meeting carbon reduction targets and funding renewable energy have increased from around £37 on an average bill in 2010 to £120 today.
The Governor of the Bank of England has warned that inflation would be above the 2% target until at least 2016 and he lays some blame at the Government’s door because of the costs of green energy measures and green initiatives such as ECO and the Green Deal. These are additional costs for energy suppliers which are passed onto consumers and show up in general inflation figures.
Wholesale energy costs are also rising and together with the cost of green measures it suggests that domestic heating bills are not going to fall anytime soon. Many commentators in the industry are suggesting that it would be a good time to fix your home energy bills.