Protected: Money Matters – Rising energy prices – what can you do?
With the recent record-breaking high temperatures, it seems strange talking about heating.
However, on July 1, the Energy Price Cap increased by 13%. That meant the average bill rose by about £221 from £1,641 to £1,862, or more for households that use a lot of gas and electric. The higher energy costs are linked to global instability. People using gas, saw a greater increase as the unit rate rose by 28%, while the unit rate of electricity increased by 6%.
As most people use less energy in the summer months, households are less likely to notice the increase at first. However, if the price cap goes up again in October, households may struggle.
The charity Age Cymru says older people are already worried about how they will pay their bills next winter and has called on the Welsh and UK Governments to draw up a clear plan to support older people on low incomes before winter.
Support for households
The energy regulator Ofgem, which is responsible for setting the Energy Price Cap, has advice for households looking for help with their energy bills.
Winter fuel payments
If you were born before 28 June 1960, you could get between £100 and £300 to help pay your heating bills for winter 2026 to 2027. This is known as a ‘Winter Fuel Payment’. There’s more information on Winter Fuel Payments on the Government website.
Help with oil and LPG heating costs
If you use heating oil or LPG, applications have opened for Off Grid Heating Fuel Support Scheme and must be submitted by 30 September 2026.
Funded by the Welsh Government and delivered by local authorities, the scheme offers a one‑off £200 payment to help low‑income households manage rising energy costs.
Who is eligible?
To qualify, households must:
be in receipt of, or successfully apply for, the Council Tax Reduction Scheme between 1 April and 31 July 2026 AND use heating oil or LPG as their main source of heating, with proof such as a bill dated within the past 12 months.
Verified claims will be paid directly into bank accounts, with payments issued as soon as possible and no later than 31 October 2026.
Contact your local council for more information on how to apply for your area.
Reasons why a Credit Union could be a good choice for your money
Credit Unions are a growing community of savers and borrowers.
Across Wales there are hundreds of Credit Unions, with around 80,000 members.
They are financial co-operatives, owned by their members – the people who use them. Collectively they have around £53m in savings and loans of £23m.
1 It’s a fairer way to bank
Credit Unions are run for people, not for profit, and they always aim to do what’s right. They care about fairness, honesty, and helping members feel in control of their money. Any money they make goes back into helping members and the local community – not to any external shareholders.
2 They’re part of the local community
They understand the people they serve because they’re part of the same towns, cities and villages. You’re not just a customer. You’re part of a community.
3 They support good money habits
They have a range of advice and interactive budgeting tools that help you get on top of your finances.
4 Your savings help others
When you save with a credit union, you also benefit your wider community, because those savings are used to make loans available for other members. Your money is safe because they lend responsibly and individual savings accounts are protected up to £85,000, just like they are with a bank or building society.
5 You can borrow loans from £100 to £15,000
With interest on the decreasing balance, no early repayment charges, online applications and fast decisions, an ethical Credit Union loan benefits you and your community.