As we have mentioned in a previous blog, the energy price cap is set to increase this winter, and Ofgem have cemented this by confirming it will rise by 10% in October 2024 (Changes to Energy Price Cap Between 1 October to 31 December 2024, n.d.) The current political and economic climate is ‘turbulent’ (to put it lightly) and this confirmation of an increase in the price cap will only exacerbate this. In today’s blog, we look to provide some useful insights into how you can offset costs this winter by utilising renewable technologies (in the long term.) We will also provide insightful tools for technical operatives, and options to diversify your current work portfolio.

What to Expect:

First, before we delve into the wonderful world of renewable energy, let’s explore what is actually set to happen in October. The price cap essentially acts as a limit that suppliers can charge for energy (both in relation to gas and electricity) and therefore dictates the market price. In doing so, energy bills increase and the amount you pay goes up. This changes quarterly, and correlates with the amount you use. The estimate for the average household is £1,717 per year (up from £1,568 in the current quarter) (Changes to Energy Price Cap Between 1 October to 31 December 2024, n.d.)

Utilising Renewable Technologies:

You may have guessed from our name that we are advocates for green energy, and providing the highest quality of training for candidates is what gets us up in a morning. However, informing and educating both consumers and installers alike, and helping where we can is also a huge part of our company’s ethos. Now, before we delve into ways that renewable technologies can offset costs, let’s address the green elephant. Renewable technology (like anything) requires an investment to install, however unlike traditional methods, they can actually pay for themselves, and in some cases even make money for the homeowner.

The utilisation of renewable technology can significantly offset costs associated with the rising price cap.  One of the most significant ways you can do this is by using ‘agile tariffs’ for energy consumption, and pairing this with the implementation of a battery system (electric energy storage system) in the home. Dynamic pricing (also referred to as agile tariffs) provide electricity at different rates, depending on consumption habits, in relation to the wholesale cost at that particular time of day. The battery system can subsequently store the energy purchased at a cheaper rate, which can later be used at peak times.

In addition to the above, solar PV can be implemented to improve the efficiency of battery systems, and generate energy from sun irradiation. Households that utilise both can offset the cost of rising energy bills and even sell energy back to the grid. There is generally a misconception about how much these technologies actually costs, and with solar panel costs at an all time low, and government grants and incentives available, there has never been a better time to get involved as both a consumer and installer.

What about my heating bills I hear you say? Heat pumps are still in their infancy, however they are gaining real traction in the industry, with the government and major manufacturers investing heavily in the technology. Like any new technology, it takes time for the market to adopt it, but when installed correctly in the right type of home, heat pumps can reduce heating bills significantly. Heat pumps do use electricity to heat your home, but due to the efficiency of the systems (again when installed correctly) they help to reduce your overall energy bills. The combination of these technologies, such as heat pumps, solar, and battery systems, can reduce energy bills even further, with the heat pump essentially using free electricity. Heat pumps are also classified as a low temperature heating system, which means they require lower energy consumption than traditional (high temperature) heating systems such as a gas boiler. In fact, low temp heating can reduce energy by around 30% (The Pros and Cons of Low Temperature Heating, n.d.)

Diversifying as a Technical Operative:

In diversifying your work as an installer, you open the door to additional revenue streams, through providing consumers with demonstrable solutions to rising costs in the current economical climate. Being a technical operative in one of these sectors (whether that be heating or electricity) puts you at the forefront of a growing industry that isn’t going anywhere thanks to government funding and backing. The cost of these technologies is also at an all time low, meaning that as an installer you can affordably install these technologies with a healthy margin, and your customers can benefit from them at a lower rate than in previous years.

At GRE, we offer both renewable electrical and heating courses, providing the full scope of training in the above mentioned technologies. Get started on your journey and join the renewable revolution today by clicking here. 

References: