MARTIN Lewis’ MoneySavingExpert has launched a calculator which shows the exact amount your energy bill will rise by in two weeks.
The new tool will give you an estimate of how much your bills will be under the new £2,500 energy price guarantee.
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The energy price guarantee will replace the existing price cap on October 1, freezing bills at £2,500 for the average household for two years.
The move is expected to save households £1,000 a year, but your energy bill could be higher depending on your usage.
That’s because the cap is placed on what firms can charge customers for the unit price and standing charge per unit of energy.
If you use more, you’ll pay more, and if you use less, you’ll pay less.
That’s why the consumer site has launched a tool so you can see exactly how much you’ll pay, based on your actual usage.
The new calculator was revealed in the latest MoneySavingExpert newsletter.
You can’t use the calculator if you are a prepayment meter customer – that’s because the government hasn’t confirmed what rates for these customers will be.
Prepayment meter customers are charged more for their energy – the current price cap is £46 higher for these customers compared to those on a standard variable tariff.
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You’ll need some important information to hand to use the tool.
You’ll need your annual energy usage in kWh (you can find this on your bill usually) or enter your monthly spend.
Entering your annual energy usage will show the most accurate results.
You’ll also need to select your region.
Then, you’ll be given an estimate on what you’ll be paying based on your usage.
The result does not include the £400 energy discount all households will get this winter.
Make sure to minus this from your result.
To use the tool, head to the MoneySavingExpert website.
How can I reduce my energy usage?
Tumble dryers are one of the biggest energy guzzlers, costing around £1.27 per cycle, according to Uswitch.
Turn it off at the switch and use a clothes horse instead to dry your clothes for free.
Turning your thermostat down just one degree can save you £100, the Energy Saving Trust says.
While properly draught proofing your house can save £45 a year – you can use old socks and towels to put up against your door.
Checking your boiler settings could save you £95 a year – switch off the “comfort” mode and turn the flow temperature down.
Smart meters can shave £65 a month off your energy bills.
Washing your clothes at 30 degrees instead of 40 could save you another £12.
