Britons turn to green energy - Seeking to avoid rising bills
British households are turning to green energy investments at home in record numbers in a bid to keep bills low as the Iran crisis pushes up global oil and gas prices.
Figures show that demand for solar panels, electric vehicles and heat pumps in the UK has increased significantly since the start of the war on February 28, as households brace for a significant increase in monthly payments when the upcoming energy price cap comes into effect in the summer.
Energy bills are set to rise by 18% from July - to the equivalent of £1,929 for the typical annual dual-fuel tariff - as the base price of gas in Europe rose by around 50%.
Octopus Energy, the UK's largest energy supplier, said heat pump orders had more than doubled in March compared with February, while sales of solar power systems rose by almost 80% and new electric vehicle leases rose by more than 85%.
British households are tired of being held hostage by global fossil fuel prices, analysts say. We are seeing a massive shift as people take matters into their own hands, switching to solar power, heat pumps and electric vehicles, ensuring low operating costs and protecting themselves from future price shocks.
Heating oil is not covered by Ofgem's cap, and British consumers have complained of skyrocketing prices and supply shortages since the outbreak of the war. Its price is closely linked to the cost of jet fuel, which has risen sharply since Iran effectively closed the Strait of Hormuz. Europe relies on Gulf refineries for around 60% of its jet fuel imports, and the UK is considered one of the countries most at risk from shortages.
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