Electric Increase in Price. What difference this will make to your bill.

Electric Increase in Price. What difference this will make to your bill.

The cost on your energy bills this year are gonna increase, but by how much you must be wondering…

According to Ofgem, most people would pay an additional £1,570 for gas and electricity starting on October 1. Due to increased wholesale energy costs for energy companies, the energy price cap imposed by energy regulator Ofgem is expected to increase by 80%.

This is obviously an estimate and how much you might be pay will differ. Check out this handy little calculator to work out the price increase you may pay over at Good To Know.

The government announced some steps in March 2022 to partially assist households with the rapid spike in energy costs, with other measures announced in May 2022.

  • This winter, power bills will be credited £400 over the course of six monthly payments beginning in October.
  • From April, residents in council tax categories A to D received a £150 council tax rebate. If you pay by direct debit, this was automatically paid to you; if not, get in touch with your local council.
  • An allocation of £144 million to local authorities for the purpose of assisting low-income and vulnerable households that do not pay council tax or are in council tax categories E to H. If you think you could qualify, get in touch with your local council.

Experts say DON’T Switch… Yet

It’s also vital to be aware that while certain energy companies may try to advertise “fixed deals,” which they claim would save you money over time, this isn’t currently the case for most people.

The wisest course of action right now is to do nothing at all since the price cap has your back. Continue reading from Money Saving Expert.

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