The Money Saving Expert is keeping the pressure on Labour to bring down energy costs (Image: PA)

Labour Chancellor Rachel Reeves announced in last week's Budget that, starting from 1 April 2026, all homes in England, Scotland, and Wales (excluding Northern Ireland) will experience an average reduction of £150 in their energy bills each year. This news was well-received by many, but it won't be as simple as getting an extra £150 in your pocket every year.

This reduction is primarily due to the conclusion of the Energy Company Obligation (ECO) scheme in March 2026, as well as a decrease in the amount that households contribute to the Renewables Obligation (RO) scheme through their bills, which will also take effect on the same date, as explained on the Money Saving Expert site.

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