Ofgem's Price Cap Increase: Everything You NEED To Know
How to know if it affects you and what you can do to beat it.
No-one wants to pay more than they need to to run their home, but thanks to the news that the price cap - the highest rate energy suppliers are allowed to charge you - is going up, your bills could be about to rise.
Basically, the amount the energy providers are having to pay for gas and electricity is increasing so Ofgem, the government department who regulate the energy providers, have bumped the price cap up, meaning that the increase in cost is being passed on to you - the consumer.
How much is the price rise?
Ofgem have worked out all the numbers and based on an average home, bills are expected to increase by £117 per year for customers on standard tariffs.
How do I know if my bill will increase?
The increase is set to affect around 15 million households in the UK, so it's worth checking. If you're on a standard or default tariff, it's likely your price will be going up in April.
What can I do?
The advice from money saving expert Martin Lewis is this: "The best way to save on your energy is to switch supplier."
You can switch at any time and your supplier cannot charge you exit fees if you're on this type of tariff.
As well as savings of up to £502 per year, you can also raise BIG donations when you switch your energy supplier via Give as you Live. What's not to like?
Who are Give as you Live?
We’re a FREE online fundraising platform who have raised over £10,000,000 for UK charities just through online shopping. We have over 4,200 stores listed and over 200,000 charities. Sign up, click through Give as you Live and raise free donations whenever you shop!
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Start shopping today - just choose a charity, enter a few details and you can be raising in minutes.