And so it’s here: the UK’s energy regulator Ofgem has just announced its price cap will increase by a whopping 80 percent this October, and forecasters say average annual bills are due to hit £3,549 as a result. That sucks.
But the rise won’t be the same across the board. What is a ‘typical amount’ of energy? Or an ‘average household’? What about those who live on their own or with more than three people?
Handily, a new tool from Money Saving Expert is here to help us estimate how much we’ll actually have to pay once the new cap comes into place – as long as you’re paying via direct debit. All you have to do is input your region, your annual gas and electricity usage, and your monthly spending. The final sum is an estimate based on the information provided.
Currently, the maximum unit rate for gas is 7.36p per kWh, and this will increase to 14p per kWh from October 1. For electricity, the unit rate will skyrocket from 28.11p per kWh to 50.93p per kWh. Experts say almost half of UK households will struggle to pay their bills this winter as a result. Here’s hoping the government finally announce more measures to help, eh?