Energy price calculator – How much you will pay for energy this tax year | Personal Finance | Finance

[ad_1]

Find out how much you will pay for energy in April as the new price cap comes into force.

Millions of households will see their energy bills drop this month, with Ofgem’s price cap dropping from April 1.

The old cap meant that the average home was paying £1,928 a year on a typical dual-fuel direct debit tariff; however, this month the unit price for electricity has fallen by 14 percent, while gas is down by 19 percent.

Standing charges have increased though, with electricity going up by 13 percent a day and gas by 6 percent a day.

It means someone who was paying £500 a month for electricity will see their bill drop by 18 percent, and someone paying £500 a month for gas will see it drop by 14 percent. You can see an estimate as to how much your bill will increase from April using our energy bills calculator:

Our energy calculator only applies to dual fuel direct debit customers. It won’t work if you have a prepayment meter or you pay on receipt of bills.

These methods of paying have different unit rates and standing charges.

The price cap sets a limit on how much gas and electricity you use, as well as the maximum daily standing charge. It does not put an actual cap on how much you can pay for energy.

The main price cap figure illustrates what someone with typical energy consumption can expect to pay each year.

Ofgem assumes the average household consumes 2,700 kwh of electricity and 11,500 kWh of gas over 12 months.

There are regional variations as well, in terms of unit rates and standing charges, which will also effect how much you pay. The headline number is used to give an average across England, Scotland and Wales.

[ad_2]

Source link