And when and how is it changing?
The current price cap for average default tariff customers is £1,971 per year. From October 1st, it will rise by £1,578 to £3,549 per year.
The current price cap for average prepayment customers is £2,017 per year. From October 1st, it will rise by £1,591 to £3,608 per year.
According to Ofgem, around 24 million households in the UK will be impacted by rising energy costs from October. This is the number of customers who are currently on standard variable or prepayment tariffs.
If you’re on your supplier’s standard or default tariff, then you will definitely be affected by the price cap rise if you fail to switch in time. The same goes for prepayment customers.
If you’re on a fixed tariff, then you shouldn’t see any increase in your energy bills from next month. However, you should be aware of the end date of your current contract, as when it lapses you will be automatically placed on your supplier’s standard tariff. If you’re not sure, check your latest bill, or get in touch with your energy supplier right away.
The best way to avoid being hit by these unprecedented upcoming price hikes is to make sure you’re on a fixed energy tariff. If you’re on a standard or prepayment tariff, compare energy deals with usave now to find a cheaper plan.
Comparing tariffs with us free, quick, and simple. All you have to do is enter your postcode and provide a few details about your current provider and energy usage. You will then be presented with a list of energy suppliers available in your area and the tariffs they offer.
Simply choose one that suits you and we’ll get in touch with your new supplier to complete the switch. The switch-over usually takes place within 14 days, but it can in some instances take up to 21 days to complete.