Energy price cap

Energy Price Cap

Millions of households in the UK will see their energy bills rise from October 2021 as a new price cap has been announced. The cap, which is set by the regulator Ofgem, limits how much suppliers can charge for each unit of energy used. The new cap will be £1,277 per year for a typical household on a standard variable tariff, an increase of £139 from the previous cap.

If you are on a standard variable tariff, it is important to check how much you will be paying under the new rates. You can contact your supplier or use an online comparison tool to find out. Experts warn that utility bills could top £7,000 next year, so it is important to switch to a cheaper tariff if possible.

How to Save on Energy Bills

There are several ways to save on energy bills, including:

• Switching to a fixed-rate tariff
• Using energy-saving appliances and lightbulbs
• Insulating your home
• Turning off appliances when not in use

By taking these steps, you can reduce your energy usage and lower your bills. It is also important to regularly compare tariffs and switch to a cheaper option if available.

Don't let the new energy price cap increase your bills. Take action now to save money on your energy bills.