Martin Lewis reveals new calculator which shows exact amount your energy bill will drop by
If you're on a fixed deal or Economy 7/10 then it won't work for you.
Bear in mind the calculator does not factor in any debit or credit on your account and do remember it won't be 100% accurate.The price cap on energy bills was introduced in January 2019 as a way to prevent households being ripped off by their energy suppliers.But households only pay £2,500 a year on average, as the price is overruled by the energy price guarantee, which is cheaper.
However, this will fall to £2,074 from July when the price guarantee finishes and the energy price cap comes into force.It affects around 29million customers on default or variable tariffs, according to the regulator Ofgem.It also includes allowances for tax, charges paid to the energy networks, green levies and social payments.
The reason it has gone up so much in the last 18 months is partly due to Russia limiting its gas supply to Europe.The UK also imports more than two-thirds of its gas which is subject to global price swings making prices more volatile and likely to rise.Yes, energy suppliers do offer support for those who are struggling to pay their bills.There are plenty of energy grants and schemes open to help you out if you're struggling.
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