People across the country are concerned about the spiralling cost of living - and most likely top of the list of worries is the rapidly increasing price of gas and electricity. With the price cap on energy set to be raised by a huge 80% on October 1, householders will be wondering what the best move is.
Last Friday regulator Ofgem confirmed that the price cap would be raised from £1,971 to £3,549 per year. It has already risen by more than 50% in April compared to October 2021, meaning it has roughly trebled since this time last year.
The price cap amount is based on an 'average household' and doesn't mean that you can't spend more than that per year, as the cap actually refers to the maximum price that can be charged per unit of fuel. The more you use, the more you will pay.
