MARTIN Lewis’ MoneySavingExpert has revealed what energy firms are set to charge customers as soon as the new price cap comes into effect.
On April 1, most households will have to fork out another £693 a year to pay their energy bills.
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That’s because the price cap will go up from £1,277 to £1,971.
Exactly how much your energy bill will rise in roughly two weeks’ time will depend on how much energy you use and what tariff you’re on.
But as most households are on a standard tariff, it’s subject to the price cap – and that means it will go up on April 1.
The price cap sets a limit on the amount suppliers can charge customers for each unit of gas and electricity they use, as well as the daily standing charge.
The MoneySavingExpert team revealed in the latest instalment of Martin’s weekly newsletter, that most big name providers have raised their tariffs to the maximum allowed under the price cap.
It also revealed what each of those suppliers are set to charge from the beginning of next month.
If you’re a British Gas customer on a standard tariff, you’ll pay £1,971 a year via monthly direct debit – it’s £2,017 for prepayment customers.
Both prices are dead-on Ofgem’s new price cap.
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It’s exactly the same charge for Bulb, E.on, Scottish Power and Shell Energy customers as well.
Outfox the Market doesn’t have a prepayment price, but its direct debit monthly charge is also set to be the same as the price cap.
Ovo Energy, SSE and EDF Energy offer direct debit customers a tariff that’s £1 cheaper than the price cap at £1,970 a year.
Ovo and SSE also offer a £2 cheaper rate for prepayment customers at £2,015 a year.
Meanwhile, Octopus is offering a tariff that’s up to £50 cheaper than the price cap.
Its monthly direct debit customers will pay £1,921 a year if they were on its standard tariff before April 2, or £1,969 if they come off a fixed deal from the same date.
Prepayment customers will pay £1,967 a year if they were on a standard tariff before March 3, and £2,015 if they’re joining prepay after that date.
Keep in mind that these are just average bill figures – if you use more energy, you’ll pay more.
Unit rates and standing charges can also vary by region, so not everyone will face the exact same charges – if you’re not sure, it’s best to get in touch with your supplier to find out your own rate..
But already, a million households have seen their energy bills double in the last two weeks.
To help meanwhile, Martin reminded households on prepayment meters they can avoid price hikes for longer by stockpiling energy.
If you have a non-smart prepayment meter, you won’t have to pay the new higher rates until you top up for the first time after April 1.
How can I try to lower my energy bills?
If you reduce your energy consumption at home you might find your bills come down with it.
You can try cheap DIY tricks that start from just 60p and stop heat escaping from your home, as well as investing in insulation, and more.
It’s also worth switching off electricals that normally stay on standby to help lower costs.
There’s also help out there if you’re struggling.
Plenty of organisations offer advice for free, including:
But you can also cash-in on grants and scheme like the Household Support Scheme while there’s still time.
And the same goes for cash help like the winter fuel payment scheme, where those getting the state pension can get between £100 and £300 to offset the cost of keeping their homes warm.
In April a £150 council tax discount is set to help millions of Brits too, and a £200 rebate on energy bills will be introduced later in the year – but this has to be repaid over the next five years.
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