With Autumn approaching, households are bracing themselves for yet another hike in energy bills as the cost of living crisis continues to offer a bleak outlook. Ofgem will review its energy price cap on October 1 - where analysts suggest it could rise by an unprecedented £1,611.
The current price cap is £1,971 but energy experts at Cornwall Insight say this could go up to £3,582 on October 1 - a jump of 81%. Cornwall Insight then expects the price cap will rise again by another 19% to hit £4,266 in January 2023.
But the price cap isn’t actually a total cap on your energy bills. Instead, it sets a limit on the rates a supplier can charge for each unit price of electricity and gas you use, as seen in The Mirror.
Use our energy bill calculator to work out how much your gas and electricity cost could rise by:
This means your bill still changes depending on how much energy you use. It's worth noting that this is just a rough guide - there are lots of variables that could impact your bill.
For example, if you've built up a lot of "credit" in the summer months, then this could lower your direct debits. Or if you find you're using more or less energy, this will also affect how much you're paying.
Yet, the energy bill calculator estimates that a household spending £150 on energy bills will be paying £272.60 by October. To work out an estimate of how much more you could end up paying, based on your bill now, simply enter how much you currently spend each month on energy in the interactive widget above.
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