The cost of energy bills is soaring and within a matter of years, UK households could be left facing unaffordable bills.
According to new figures from a leading price comparison website survey, energy bills have more than doubled in the last 8 years and should this trend continue, UK households could face huge energy debts.
If energy bills continue to rise, a staggering 59% of UK households will be going without sufficient heating and almost four in ten will have to switch off their heating completely by 2018.
In the last 18 months alone, energy bills have increased by an average of 20%, adding an extra £200 to dual fuel bills. They have fallen slightly (by up to 6% for either gas or electricity prices) since then but many households still face bills of up to 15% more than on the previous year.
The affordability crisis continues as the average price of energy bills could break the £1,500 barrier by 2015. Research from the survey highlighted that should the trend continue, households face annual energy bills of over £2,700 by 2018.
If energy bills were to cost more than £1,500, a massive 77% of households would be forced to ration their energy use. A further 59% of people would go without adequate heating and 36% would be forced to turn off the heating completely.
A growing number of Brits risk falling into fuel poverty as energy bills continue to rise. The elderly and low-income families are the most vulnerable to energy price hikes.
The government has previously urged for more transparency in the energy market, making it easier for consumers to compare price plans.
Households could save hundreds of pounds a year by shopping around for a better deal. Asda’s Energy Compare & Save service could potentially help consumers save money.
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