Ofgem, the UK’s energy regulator, recently set a new price cap for the average household at £1,717 per year for electricity and gas from 1 October to 31 December. This represents a 10% increase from June-September’s rates. While it’s lower than last year’s cap of £1,834, many households will still feel the financial strain this winter.

As a Powerverse partner, you’re in a great position to ease your customers’ financial pressures. In this article, we’ll explore how you can help, beginning with an overview of the Ofgem price cap and the ongoing challenges consumers face despite this energy regulation.

What is the Ofgem price cap?

The Ofgem price cap was first implemented on 1 January 2019 to protect consumers from excessive energy costs and ensure fair pricing in the energy market. It limits the amount that suppliers can charge per unit of gas and electricity, which means that it’s not a cap on the overall amount individual consumers fork out annually for gas and electricity. That latter cost is entirely down to how much energy the customer uses.

Challenges still facing consumers

While the cap offers a safeguard against extreme price hikes, customers still face several challenges when it comes to saving costs. For instance, as the recent cost-of-living crisis showed, the price cap can’t fully protect customers from fluctuating wholesale market prices. 

Plus, the cap is also adjusted quarterly, but the prices are based on those from earlier periods. So, this time round, customers won’t see lower bills until January 2025, even when wholesale prices drop.

Finally, with so many different tariffs out there, understanding them, let alone choosing one that can allow you to benefit from the Ofgem price, is hard for many.

How Powerverse partners help

So how can you help? As energy prices continue to fluctuate, consumers are likely to start seeking easier, smarter ways to manage their energy use. EV owners, particularly those with home chargers, will be on the lookout for chargers that can help them cut costs in ways that are simple and stress-free.

This can lead to increased demand for smart EV charging solutions that optimise energy consumption.

As a Powerverse partner you’ll be able to:

• Offer customers chargers and other products they can plug in with confidence. For instance, the VCHRGD Seven Pro charger is not just tried and tested to be safe, reliable and easy to install, but it’s also solar-compatible.
• Provide them with an advanced AI-powered app. The Powerverse app, enhanced by Raya, the app’s smart energy assistant, is one of the best on the market and will guide customers towards easily reaping the benefits of the current price cap.

Raya provides real-time insights to help reduce energy consumption, guides EV owners to take advantage of cheaper off-peak rates, and offers a user-friendly interface for tracking spending and setting usage goals.

• Guide them towards a cheaper tariff. This is because we’ve recently integrated with the Agile Octopus tariff, one of the few available time-of-use tariffs in the country. As a result, Raya can automatically adjust a customer’s charging timetable to make use of the lower electricity rates this tariff offers.

The benefits to your business as a result will be many:

• Enhanced Customer Loyalty: Providing smart solutions like our Raya-enhanced app helps you to develop stronger relationships with your customers.  Customers will appreciate the added value this offers and are more likely to stay loyal to you.  Loyalty equals repeat business and long-term revenue stability.
• Market Differentiation: By incorporating Raya into your product line, you can differentiate your offerings in a competitive market, attracting both tech-savvy consumers and consumers who want easy-to-use, cost-saving energy solutions.
• Upselling and cross-selling opportunities: In helping the app user meet their energy goals, Raya analyses their energy patterns, preferences, and behaviours in a way that’s tailored to their needs. As a result, she can identify opportunities where additional products such as solar panels or battery storage systems might enhance their energy efficiency. As customers return to you, you can sell more solar products while deepening your relationship with them. Win-win!

By reselling Powerverse’s smart energy solutions, you’re helping your customers gain greater insight into and control of their energy consumption. Not only does this encourage more efficient energy habits but it also empowers them to save on costs in a market where prices are often unpredictable. And that’s the kind of customer support that can’t be capped!

Become a Powerverse partner today! Help your customers save on energy costs with smart solutions. Together, we can face the challenges of the recent Ofgem price cap while growing your business. Ready to make an impact? Visit our Partners page here to get started!