Do you know how the price cap affects your energy bill?
It’s been hard to escape the news of skyrocketing energy prices amid the current energy crisis, and since the announcement of April's energy price cap, millions of UK households are concerned about rising energy bills.
The energy price cap, set by energy regulator Ofgem, is reviewed twice a year and can go up or down depending on the wholesale cost of energy. The most recent price cap came into force in April 2022.
The price cap doesn’t apply to everyone, but it will apply to you if you’re on a default tariff. If you’re unsure of the tariff you’re on, check your latest energy bill or speak to your supplier.
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 new cap comes into effect. We’ll also show you how they could rise if a further cap increase is announced in August, to come into force in October 2022.
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.
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.