When does the Energy Price Cap start?
New price caps for gas and electricity bills announced by Ofgem are set to save customers across the UK around £1bn a year. With a proposed cap of £1,136 a year for the typical duel fuel customer who pays by direct debit, significant savings can be made on those seemingly ever increasing energy prices.
There until the Energy Price Cap begins.
With these figures in mind, Ofgem expect up to 11 million households on default deals to save an average of £75 per year, with those on the most expensive tariffs likely to save around £120.
When the price cap is introduced in April 2019, suppliers will have to cut their prices to ensure they comply with the new cap. The exact amount each household can save will of course depend on the price of their current deal, the amount of energy used, whether they have both gas and electricity through the one supplier and how this energy is paid for.
In order to ensure households are always paying a fair price for their energy, Ofgem will update the cap in both April and October each year, in line with the estimated costs of supplying gas and electricity to homes.
The price cap will be in place until 2023, during which time Ofgem will be working to put in place further reforms that make the energy market more competitive and ultimately work more effectively for consumers. This will include making the process of switching energy supplier even easier, much quicker and more reliable than it is at present.
Keep a track on how many weeks it is until the energy price cap comes in to play and you can start seeing the savings come to the fore on the cost of your energy.
Also – find out how many days left this year.
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