NRW consumer advice center informs: Changes in 2024 - financial tips for insurance and taxes!

NRW consumer advice center informs: Changes in 2024 - financial tips for insurance and taxes!

According to a report by m.osthessen-news.de, the North Rhine-Westphalia consumer advice center is publishing a detailed overview of the changes expected in 2024 that will impact consumers, finances, insurance, duties, taxes and energy. The consumer advice center provides information about the upcoming changes, price increases for motor vehicle insurance, higher insurance premiums for property insurance such as household contents or building insurance, increases in private health insurance and changes in company pension schemes and employee savings allowances. In addition, it provides information about increased standard rates for citizens' benefit, adjustments to disability pensions, the expected increase in pensions, new class action lawsuits as a strong means of greater consumer protection and the Building Energy Act that is coming into force. One of the most significant changes is the increase in the price of carbon, which will make fossil fuels such as heating oil, natural gas and gasoline more expensive.

The increase in the CO2 price from 30 to 45 euros per ton, as decided by the Bundestag, will have a significant impact on the market and consumers. This price increase will extend to the end consumer, as companies typically pass the costs on to their customers. This makes heating oil, natural gas and gasoline more expensive. According to the North Rhine-Westphalia Consumer Center, heating oil will become more expensive by 4.8 cents per liter (gross). With a tank filling of 2,000 liters, this leads to additional costs of 95 euros compared to the previous year. The costs for natural gas also increase by 0.36 cents per kilowatt hour (kWh), which leads to additional costs of around 215 euros with an annual consumption of 20,000 kWh per year. A price increase of 4.3 cents per liter is expected for gasoline. These increases are a direct result of the higher carbon price and can place a noticeable financial burden on consumers. Higher energy costs will also impact the market, particularly sales of vehicles, home appliances and other products that rely on fossil fuels. It is expected that consumers will rethink their driving habits and look for more energy efficient solutions to compensate for the additional costs.

In addition, the introduction of the Building Energy Act (GEG) from January 1, 2024 will mean that when new heating systems are installed, at least 65 percent of the heat must be produced from renewable energies. Existing oil and gas heating systems may only be operated until the end of 2044. This measure aims to promote the use of renewable energy and reduce dependence on fossil fuels. The increased demands on new heating systems will stimulate the market for renewable energy and encourage investment in these technologies. This will help consumers save on energy costs in the long term while having a positive impact on the environment.

Overall, the changes, as presented by the NRW consumer advice center, will have a significant impact on the market and consumers. It is expected that end users will react accordingly to rising costs and look for alternative solutions to optimize their energy spending. The government and energy companies face the challenge of informing the population about the upcoming changes and offering possible support measures to mitigate the impact on consumers.