Households will soon be receiving a £400 discount on their energy bills. The Government payout is being made because of the soaring price of electricity and gas.
The rebate will be paid starting from October, spread out over six months. But, as the Mirror reports, energy suppliers are taking different approaches to handing out the cash.
To complicate things, what sort of meter you have affects how you will get the payment. Meanwhile, some energy suppliers will send the money to your bank account, others will reduce your bills, and many firms have not yet decided.
The Energy Price Guarantee will see the typical household energy bill capped at £2,500 for a two-year period and will be paid by increasing Government borrowing. The £400 rebate will bring down whatever your energy bill is from October 1.
If you pay by monthly direct debit, you will get the cash to your bank account or as a bill reduction. Those who pay with credit – after getting a bill – will get the cash as credit on their energy account.
If you have a smart prepayment meter you will get the £400 as credit on your meter, in instalments. People with traditional prepayment meters will get vouchers, which can be used to top up their meter.
MoneySavingExpert has worked out how you will receive this money depending on your exact circumstances.
British Gas
Monthly direct debit: credited to your bank or building society account
Standard credit: no plans announced
Smart prepayment meter: no plans announced
Traditional prepayment meter: no plans announced
Bulb
Monthly direct debit: reduced direct debit payments
Standard credit: payment made to energy account
Smart prepayment meter: credit to electricity account (gas to follow)
Traditional prepayment meter: gas or electricity voucher
E.on and E.on Next
Monthly direct debit: reduced direct debit payments
Standard credit: payment made to energy account
Smart prepayment meter: credit to electricity and gas accounts
Traditional prepayment meter: gas or electricity voucher
EDF Energy
Monthly direct debit: credited to your bank or building society account
Standard credit: no plans announced
Smart prepayment meter: no plans announced
Traditional prepayment meter: no plans announced
Octopus Energy
Monthly direct debit: credit applied to their account
Standard credit: credit applied to their account
Smart prepayment meter: credit applied 50/50 to gas and electricity meters
Traditional prepayment meter: monthly vouchers via email or post
Ovo Energy
Monthly direct debit: credited to your bank or building society account
Standard credit: payment made to energy account
Smart prepayment meter: payment made to energy account
Traditional prepayment meter: gas or electricity voucher
Shell Energy
Monthly direct debit: reduced direct debit payments
Standard credit: payment made to energy account
Smart prepayment meter: credit to electricity and gas accounts
Traditional prepayment meter: gas or electricity voucher
So Energy
Monthly direct debit: reduced direct debit payments
Standard credit: payment made to energy account
Smart prepayment meter: credit to electricity account
Traditional prepayment meter: N/A
SSE
Monthly direct debit: credited to your bank or building society account
Standard credit: payment made to energy account
Smart prepayment meter: credit to electricity account
Traditional prepayment meter: gas or electricity voucher
Utility Warehouse
Monthly direct debit: reduced direct debit payments
Standard credit: payment made to energy account
Smart prepayment meter: credit to electricity account
Traditional prepayment meter: gas or electricity voucher
