Autumn Statement 2015: energy bills to be slashed by £30

Energy bill costs

Up to 24 million households will see an average reduction in their energy bill of £30 a year from 2017, according to the government.

In his Autumn Statement, chancellor George Osborne announced the introduction of a cheaper domestic energy efficiency scheme that he believes will lead household savings.

The government, which wants to reduce the projected cost of green policies on the average household, is to reform the current Energy Company Obligation (ECO) scheme.

From April 2017, this scheme will be replaced with a new “cheaper domestic energy efficiency supplier obligation” which will run for five years.

“The new scheme will upgrade the energy efficiency of over 200,000 homes per year, saving those homes up to £300 off their annual energy bill, tackling the root cause of fuel poverty and delivering on the government’s commitment to help one million more homes this Parliament,” the government stated.

Further tweaks to the Renewables Obligation and Feed in Tariffs schemes are to be announced soon, and the government hinted today that these could save the average household a further £6.