THE ENERGY price cap will come into place this weekend, meaning the typical household energy bill will be frozen at £2,500.
The Energy Price Guarantee, which was announced by Prime Minister Liz Truss earlier this month, replaces the Ofgem price cap – currently set at £1,971.
It’s worth noting the Energy Price Guarantee only caps the cost per unit households pay, so your actual energy bill could be more or less than £2,500.
It comes as millions of Brits are being forced to sell their belongings to pay off their bills during the cost of living crisis, a shock report has found.
Which? said energy firms “can and should do more to help” after a new survey suggested 65% of households had resorted to measures such as cutting back on essentials, selling items or dipping into savings to fund the increasing costs of bills.
Read our cost of living live blog below for the latest updates….
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October’s energy bill discount explained
From today, Brits will start receiving the first part of the £400 energy bill discount, designed to aid with the soaring price of energy bills.
However, it isn’t as simple as £400 appearing in your bank account.
The payments will be split into six almost-even instalments, running from October to March.
Some energy operators will send you the money, others will simply take it off your bill.
Click here to read more.
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New Energy Price Guarantee starts today
The new Energy Price Guarantee (EPG) will save the average household £1,000 over the next year.
The EPG puts a cap on the wholesale cost of domestic gas and electricity for those on the standard variable tariff.
The cap should mean that the average household pays no more than £2,500 a year.
But the cap only limits the amount firms can charge customers for each unit of energy.
So if you use more energy than the average household – expect to pay more than £2,500 a year.
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Get up to £1,000 with the welfare assistance scheme
The welfare assistance scheme is similar to the household support scheme.
Your local authority provides you with vouchers for rent, energy bills, food and furniture.
The Sun has previously revealed that you can get up to £1,000 with this scheme.
However, not every council offers it.
Click here to find out more.
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Every shop giving employees a pay rise this year
As the cost of living continues to rise, employers are looking to ease the pressure on their workers.
Here is a list of highstreet workplaces giving their employees a pay rise this year.
- Aldi – £10.50 from September
- Asda – £10.10 from July
- Currys – £10.35 from October 30
- Lidl – £10.90 from October
- Marks & Spencer – £10.20 from October
- Morrisons – £10.20 from October
- Pret a Manger – £9.80 from April
- Sainsbury’s – £10.25 from October
- Tesco – £10.10 from July
Click here to read more.
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Cheap broadband deals for struggling Brits
Four million Brits are eligible for low-cost social broadband tariffs.
But despite a slew of firms providing low-cost deals, only 1.2% of eligible Brits have signed up.
Here is a list of companies which offer low-cost social broadband tariffs.
Click here for more information.
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Brits rush to log meter results ahead of price hike
The websites of energy companies were swamped by Brits attempting to log their meter readings ahead of today’s bill increase.
Brits were unimpressed to be met with waiting times.
One said: “The Shell Energy website has an 11-minute waiting time to just login. All I wanted to do was check my payment history.”
Another said: “Shell Energy – Meter reading web page not working. Typical.”
A Shell Energy spokesperson said: “Our website is accessible, and customers are making full use of the different ways they can submit their reads, including online, via the app, and over the phone.”
Click here to read more.
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How high could interest rates go?
The Bank of England has predicted interest rates to rise to 6% by Spring next year.
Typically, this would result in 7.5% mortgage rates far higher than what many Brits are currently paying.
Click here for more mortgage help.
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Today is your last chance to use old paper money
The Bank of England (BoE) is withdrawing the legal tender status of paper £20 and £50 banknotes after today, September 30.
Meaning, today is your last chance to use them.
They won’t become worthless overnight, however, you can still deposit them at your bank or in a Post Office over the next few weeks.
Click here for more information.
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Turn off your appliances to save up to £500
Keeping appliances on standby can massively add to your bills.
While some are less damaging than others, it is best to turn off appliances at the plug when you can.
Here are some of the worst:
- Fridge freezers: adding £150 a year to bills
- Game consoles: adding £40 a year to bills
- Washing machine: adding £40 a year to bills
Click here to read more.
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October’s energy bill discount explained
From tomorrow, Brits will start receiving the first part of the £400 energy bill discount, designed to aid with the soaring price of energy bills.
However, it isn’t as simple as £400 appearing in your bank account.
The payments will be split into six almost-even instalments, running from October to March.
Some energy operators will send you the money, others will simply take it off your bill.
Click here to read more.
-
New Energy Price Guarantee starts tomorrow
The new Energy Price Guarantee (EPG) will save the average household £1,000 over the next year.
The EPG puts a cap on the wholesale cost of domestic gas and electricity for those on the standard variable tariff.
The cap should mean that the average household pays no more than £2,500 a year.
But the cap only limits the amount firms can charge customers for each unit of energy.
So if you use more energy than the average household – expect to pay more than £2,500 a year.
-
Get up to £1,000 with the welfare assistance scheme
The welfare assistance scheme is similar to the household support scheme.
Your local authority provides you with vouchers for rent, energy bills, food and furniture.
The Sun has previously revealed that you can get up to £1,000 with this scheme.
However, not every council offers it.
Click here to find out more.
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Take a meter reading now to avoid increased bills
Millions of households are being urged to take an energy meter reading before bills rise tomorrow.
This applies to customers on traditional meters – you don’t need to one if you’re on a smart or pre-payment meter.
Customers are being urged to take a meter reading so they don’t get overcharged for their energy usage.
If you don’t submit readings to your supplier, they’ll estimate your usage – which can usually be higher than what you actually use.
You could end up being charged more as a result, so by taking a meter reading, you should be billed correctly for your usage up until now ahead of the price rise.
Taking a picture of your meter reading and sending it to your supplier as evidence is also a good idea.
Read our handy explainer on how to check your meter.
-
Every shop giving employees a pay rise this year
As the cost of living continues to rise, employers are looking to ease the pressure on their workers.
Here is a list of highstreet workplaces giving their employees a pay rise this year.
- Aldi – £10.50 from September
- Asda – £10.10 from July
- Currys – £10.35 from October 30
- Lidl – £10.90 from October
- Marks & Spencer – £10.20 from October
- Morrisons – £10.20 from October
- Pret a Manger – £9.80 from April
- Sainsbury’s – £10.25 from October
- Tesco – £10.10 from July
Click here to read more.
-
Cheap broadband deals for struggling Brits
Four million Brits are eligible for low-cost social broadband tariffs.
But despite a slew of firms providing low-cost deals, only 1.2% of eligible Brits have signed up.
Here is a list of companies which offer low-cost social broadband tariffs.
Click here for more information.
-
Brits rush to log meter results ahead of price hike
The websites of energy companies have been swamped by Brits attempting to log their meter readings ahead of tomorrow’s bill increase.
Brits were unimpressed to be met with waiting times.
One said: “The Shell Energy website has an 11-minute waiting time to just login. All I wanted to do was check my payment history.”
Another said: “Shell Energy – Meter reading web page not working. Typical.”
A Shell Energy spokesperson said: “Our website is accessible, and customers are making full use of the different ways they can submit their reads, including online, via the app, and over the phone.”
Click here to read more.
-
How high could interest rates go?
The Bank of England has predicted interest rates to rise to 6% by Spring next year.
Typically, this would result in 7.5% mortgage rates far higher than what many Brits are currently paying.
Click here for more mortgage help.
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Cut back on Kettle use to save on bills
According to experts, a kettle will cost £98 a year to run from tomorrow.
Gareth from Uswitch recommends using a hob when you can.
“Water boiled on a gas hob is cheaper than boiling it in a kettle, however it is significantly less convenient,” he said.
Click here for more bill tips.
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Look out for hardship funds ahead of tomorrow’s bill hike
Tomorrow, energy bills will rise drastically, despite the £2,500 energy price cap introduced by the government earlier in the month.
If your bills are still too high, your provider might offer a hardship fund.
Here are some of the hardship funds on offer:
You could also get in touch with your local authority to see if they offer energy help.
Click here to read more.
-
New Energy Price Guarantee starts tomorrow
The new Energy Price Guarantee (EPG) will save the average household £1,000 over the next year.
The EPG puts a cap on the wholesale cost of domestic gas and electricity for those on the standard variable tariff.
The cap should mean that the average household pays no more than £2,500 a year.
But the cap only limits the amount firms can charge customers for each unit of energy.
So if you use more energy than the average household – expect to pay more than £2,500 a year.
-
Today is your last chance to use old paper money
The Bank of England (BoE) is withdrawing the legal tender status of paper £20 and £50 banknotes after today, September 30.
Meaning, today is your last chance to use them.
They won’t become worthless overnight, however, you can still deposit them at your bank or in a Post Office over the next few weeks.
Click here for more information.
-
How will your energy reduction be sent?
From October, Brits will receive £400 in energy help.
However, each provider will pay the discount in a different form.
Some providers will simply send you the money in six instalments, others will take it off your bill.
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How much does it cost to run your hairdryer?
With bills set to rise this weekend, Brits everywhere are looking for ways to cut back on energy expenses.
So, how much does your hairdryer cost you every year?
Currently, it costs about £14 a year to use it – but exact costs vary depending on how powerful your hair dryer is.
How do you cut down on this?
Well, a Uswitch.com spokesperson said: “Some hairdryers have an eco mode where they don’t heat the air, which uses significantly less power, but also takes much longer to dry your hair.
“Using this method could cost less than a pound over the course of a year.”
Click here to read more.
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How to apply for the household support fund
To get the help, you will usually need to have a receipt of a council tax reduction or prove you’re in financial difficulty.
Each region offers help differently, so it is best to contact your local authority or check the gov.uk authority tool checker.
Click here to read more.
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How much can YOU get from the household support fund?
The government has released a new round of funding for local authorities in an initiative named the Household Support Scheme.
Thousands of Brits will be able to get their hands on cash or vouchers.
But how much is available for your region?
Click here to read more.
