Energy prices - what might you be paying when the new price cap comes into effect?
Energy prices are set to rise with the introduction of a new energy price cap, but do you know how your bills will be affected?
The energy price cap, set by energy regulator Ofgem, is reviewed four times a year and can go up or down depending on the wholesale cost of energy, and so affects those on standard variable tariffs (SVTs).
The price cap and the energy price guarantee don’t apply to everyone, but it will apply to you if you’re on a default tariff (an SVT). If you’re unsure of the tariff you’re on, check your latest energy bill or speak to your supplier.
How will the price cap affect how much you pay for your energy?
Use our handy calculator to find out. Simply input how much you typically pay per month for your energy and we’ll show you how your bills are predicted to rise when the energy price guarantee comes into effect.
Energy price hikes: what will you pay?
Ready reckoner for the millions on a standard rate, following the energy cap rise.What do you typically pay per month
We've assumed you're on a standard gas and electricity tariff where you pay by monthly direct debit (so not on prepay) and that your consumption won't change. Also note that different suppliers may vary your prices differently, so this is just a rough estimate.
What can I do to combat rising energy prices?
Spiralling energy costs have forced many suppliers to remove their tariffs, so shopping around to find a better deal isn’t a feasible option in the current energy crisis.
If you need help with your energy bills, you may be entitled to support from the government or even your current supplier.
If you don’t qualify for assistance and can’t switch to a cheaper tariff, then reducing your energy consumption can help to save money and improve your home’s energy efficiency. Simple energy saving tips include turning your thermostat down, draught proofing your home and turning off stand-by appliances.