Energy supplier prices for microgeneration 'fair'

Between 1 July 2019 and 31 December 2019, at least 10% of people who switched energy supplier for both gas & electricity with Uswitch saved £479 or more.

The UK's energy regulator has said prices that energy suppliers are offering to households who want to sell energy produced from microgeneration are fair.

In a new report, Ofgem has stated that the prices offered are "a fair reflection" of wholesale costs of gas and electricity, as well as the other benefits available from locally produced power.

However, the regulator also warned that it may take homeowners using wind turbines and solar panels around 20 years to be fully paid back on the cost of installing the renewable systems.

Alistair Buchanan, the Ofgem chief executive, added that consumers also need more advice about taking up microgeneration.

He said: "Customers need better, clearer information to help find the best deal, as they will have to weigh up several factors such as the returns they could make on exporting power and the costs of a meter to register exports."

Ofgem also recently announced plans to investigate the regulatory regime of the UK's energy markets.

The regulator said it wanted to ensure that current systems provide customers with reliable service and fair prices.

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