Energy Price Cap Update: What Will You Pay?
You may have heard a lot about the Energy Price Cap in the news over the past few years, but what exactly is it?
Essentially, the Energy Price Cap controls what most households will pay for energy. As it stands, the Energy Price Cap is set to fall by 7% from the 1st of October 2023.
The amount we pay for energy has been one of the biggest struggles for many people across the UK and so any talk of price reductions is always welcome. But just how much will this help with your bills? Let’s find out more.
Try the Price Cap Calculator
Our friends at MoneySavingExpert have created a handy Price Cap Calculator so you can see an estimated figure for what you might be paying from October 1st until 31st December 2023.
However, it is worth pointing out that this tool is only for those located in England, Scotland and Wales.
The cap is due to change again in January 2024, so there’s never been a better time to get to grips with what these changes may mean for you as and when they happen.
What To Do Next?
Even though energy costs may be going down, these bills might still be unaffordable for many people.
If you’re struggling to pay your energy bills, please remember that you are not alone and help is available.
Check to see whether or not you are currently getting the help you need from your energy supplier and also through government support schemes in this comprehensive guide - ‘What to do if you’re struggling with your energy bills’.
Find Ways to Save
Another way to manage your budget is to find ways to use energy more efficiently to save on your bills.
Consumer experts Which? have compiled 10 tips for saving on your energy bills, such as using less hot water and how to improve your draft proofing.
At Fair for You, our blog post ‘9 Affordable Hacks for Living on a Budget’ has tips for money management around the home as well as how to save on energy.
Our flexible loans also give you the opportunity to upgrade your appliances to more energy efficient ones. If you have older models that may be more expensive to run, an affordable loan from Fair for You can give you access to energy efficient products from trusted retailers.
You can find out How It Works and browse our selection of products but if you need any help, we’re always happy to answer any questions about our lending and the products available.
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The content of this blog does not constitute personal financial advice, and the views expressed in it are those of the contributor or author, which may not necessarily represent or reflect the views expressed by Fair for You Enterprise CIC.