ENERGY bills will fall to their lowest level in two years in April, following the announcement of Ofgem’s new energy price cap.
Set to come into effect on April 1, the new price cap will see the average Brit’s bills fall by £238.
The cap will fall from the current rate of £1,928 to £1,690, today’s figures show.
This marks the lowest price cap since Putin launched his invasion of Ukraine in February 2022.
Jonathan Brearley, Ofgem chief executive officer, said: “This is good news to see the price cap drop to its lowest level in more than two years – and to see energy bills for the average household drop by £690 since the peak of the crisis – but there are still big issues that we must tackle head-on to ensure we build a system that’s more resilient for the long term and fairer to customers.”
Follow our live blog below for the latest news and updates…
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Free debt advice
If you’re in debt there are plenty of services you can take advantage of and they offer free advice on how to manage debt.
Most of them can offer you free guidance and help in person, over the telephone or online.
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Top tips to save money on your heating
You may not be aware that by using “vampire settings” you could save £850 on your energy bills.
Here are some different ways to save:
- Thermostat – £380 Reducing your thermostat by one degree can reduce your fuel bill by 10%, according to Energy Saving Trust
- Dishwasher – £143 Running your dishwasher at a lower temperature such as 45ºC to 50ºC can save you more that £100
- Boiler – £112 Changing the flow temperatures on combination boilers, according to charity, Nesta means you can save an average of £112 per year
- Radiator – £75 The average household can save up to £75 every year if they have thermostatic radiator valves fitted on all their radiators, according to British Gas
- Tumble Dryer – £53 Tumble dryers can cost around 67p per cycle but most models come with an eco-mode that can be used to save the environment – and some cash
- Fridge Freezer – £50 The Food Standards Agency recommend that the temperature of fridges be set to 5°C and freezers should be at -18°C. Having it set at the optimum temperature is also better for your wallet
- Washing Machines – £37 Most models of washing machine come with an eco-mode that can be used to save some money
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What has Ofgem said?
Jonathan Brearley, Ofgem chief executive officer, said: “This is good news to see the price cap drop to its lowest level in more than two years – and to see energy bills for the average household drop by £690 since the peak of the crisis – but there are still big issues that we must tackle head-on to ensure we build a system that’s more resilient for the long term and fairer to customers.”
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How will the change impact you?
From April 1, the average price of fuel will fall to its lowest level in two years.
The energy price cap will fall from the current rate of £1,928 to £1,690, today’s figures show.
This will see the average Brit’s energy costs fall by £238.
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How our bills have changed over time
It’s been a tough time for most Brits since 2022 when bills began to soar.
However, it looks like they are finally on their way down.
Here is how the average cost of bills has changed since 2019:
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Energy bills to hit lowest level in two years
Energy bills will fall to their lowest level in two years in April, following the announcement of Ofgem’s new energy price cap.
Set to come into effect on April 1, the new price cap will see the average Brit’s bills fall by £238.
The cap will fall from the current rate of £1,928 to £1,690, today’s figures show.
