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1 Safeguard Tariff – Overview
The “Safeguard Tariff ” was proposed by Ofgem, the UK energy regulator, in July 2017 to protect vulnerable customers from soaring energy and household heating costs.
Safeguard Tariff customers will initially save make savings of around £115 a year on average because suppliers have to cut their prices to below the level of the Safeguard Tariff cap.
However Ofgem has now announced that it will increase the level of its safeguard tariff from 1st April 2018, meaning that the savings will fall to an average £66 per year.
The Safeguard Tariff still won’t be the cheapest energy deal on the market for customers, there will still be more savings to be made to those who switch to suppliers offering lower prices.
2 Safeguard Tariff – Who Is Eligible?
Ofgem hasn’t detailed exactly who can claim the Safeguard Tariff yet, but suggested that at a minimum it will include all customers who are currently eligible for the Warm Home Discount.
The Warm Home Discount is available to people on certain benefits and low incomes. There is pressure from consumer groups and some MPs to ensure more households benefit from any energy price caps, and this may lead to wider net being cast for the Safeguard Tariff.
3 How Can You Get The Safeguard Tariff?
The detailed explanation of how to claim the Safeguard Tariff hasn’t been announced yet, but if it is run a similar way to the Warm Home Discount, you will receive it automatically from your energy company, or receive a letter explaining how to claim.
You can start making big savings on your heating bill by switching to an energy efficient boiler, which can reduce your heating bills by £300.
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