Energy price cap down – much-needed good news for bill-payers who could be £117 a year better off

It’s been a long time since we’ve had some good news about energy bills, but at last there’s bit of relief for bill-payers.

From April 1st, the Energy Price Cap that is set by energy regulator OFGEM is due to reduce by 7%, with the cap being reduced from £1,758 to £1,641 per year.

The energy price cap is a cap on the price of the units of energy and standing charges – it is not a cap on how much you can be billed. Your bills are based on how much energy you use.

How long will this last?

The forecast for the rest of the year if for the price cap to stay very close to £1,641; however, world events can change this. There is expected to be a rise in the price of crude oil and that could directly impact gas prices.

What does this change mean for you?

For an average household this drop means a saving of about £10 a month, or £117 per year.

Make sure you take a meter reading either late on March 31st or early in the day on April 1st, and submit it to your supplier to make sure they charge you correctly. Estimated reads might mean you pay more than you should. If you have a smart meter, you don’t need to do this.

Want to save more money on your bills?

The biggest savings you can make are from reducing your energy usage. Our specialist advisers can talk to you about how you can do this, check if you are eligible for funding to improve energy efficiency on your home and see if you are missing out on any other help.

Check your tariff – energy suppliers are starting to introduce new tariffs, let us help you see if there’s one that can save you more money. Now cold be a very good time to lock into a fixed tariff, to avoid any potential increases in gas prices. 

Contact our specialist Energy Team on 0800 448 0721 and we can help you.