Octopus Energy has reported a sharp surge in demand for renewable technologies, with solar panel sales jumping 50 per cent in recent weeks as households react to rising energy prices linked to the Middle East conflict.
Chief executive Greg Jackson said the escalation of the US-Israel war with Iran has triggered a “huge jolt” in consumer behaviour, with demand also rising for heat pumps, electric vehicles and home charging systems.
The increase reflects growing concern among households about future energy costs, as wholesale oil and gas prices spike following disruption to supply routes and production across the region.
Jackson warned that energy bills are “very likely” to rise again from July, when Ofgem resets its price cap, which currently limits the amount suppliers can charge millions of households.
The situation has created a confusing backdrop for consumers. While the cap is due to reduce bills slightly from April for a three-month period, expectations of a renewed increase later in the year are already shaping behaviour.
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