How will £53m of funding for low-income families cut the cost of heating oil?
Support for low-income families
This week, the Chancellor confirmed that over £50 million would be made available for low-income families who heat their homes with heating oil. Put into place to help tackle surging prices caused by conflict in the Gulf, £27m of this total will soon become available to homes using heating oil in England. While this will come as welcome news to low-income customers, this will take time to trickle through.
In England, funding will be distributed by local authorities via the Crisis and Resilience Fund (CRF), which comes into effect from 1 April, targeting areas with higher rates of oil heating. These funds will be allocated directly to the devolved governments, with the expectation that it will be used to support vulnerable households. While this is a step in the right direction, we hope that more can be done for all families and households affected by the current spike in heating oil prices.
Support for our community
For our part, we will continue to offer our Cosy Heating Club members the ability to order as little as 300 litres of heating oil. Set up as a benefit for our domestic direct debit customers, the ability to order less than the industry minimum of 500 litres is playing a key part in tiding customers over until prices stabilise and, we hope, fall.
Review of regulation
This morning’s announcement also confirmed the Government’s intention to regulate the heating oil sector to introduce new consumer protections, alongside securing agreement with the wider industry to quickly improve customer experiences.
As an employee-owned business we firmly believe in supporting our local community. It’s why we stand by our ‘what matters to you, matters to us’ mantra, and our manifesto.
We also welcome moves to introduce a Strengthened Code of Practice for the sector, which we hope echoes many of the commitments that we have already chosen to make as a business ourselves. This includes our flexibility on delivery volumes for our Cosy Heating Club members, our prioritisation of the elderly and vulnerable through our Cold Weather Priority Scheme, and our transparent approach to how we bill our customers during these more challenging times. As a member of UKIFDA we abide both by their Code of Practice, and Customer Charter, and welcome measures that enhance high standards and professionalism within the industry, helping customers to feel supported when ordering heating oil.
If you have any questions, or are interested in joining the Cosy Heating Club, which offers a raft of benefits including the chance to win 500 litres of oil in a quarterly draw, please contact our friendly team today.
