Prime Minister Liz Truss recently announced that the typical UK household will pay no more than £2,500 a year for energy for the next two years from October as the UK Government responds to soaring gas and electricity prices. However, it’s worth noting that if you use more energy, you will pay more and if you use less, then you will pay less.
The average household energy bill would have increased by 80 per cent in October from the current £1,971 to £3,549 a year under Ofgem's latest price cap, but Ms Truss has announced that a new Energy Price Guarantee will supersede the existing price cap until 2024 - the year the next General Election is expected.
The £2,500 Energy Price Guarantee will apply in Scotland, England and Wales from October 1 and the £400 energy rebate will still be applied as a discount over a six-month period. The new support won’t ease the pressure of winter bills entirely, prices are still going up, but there are several things every household can start doing now which could become daily habits and help reduce costs.
