Worrying new research shows households believe the October energy price cap will increase by £487 - far off the £1,611 hike being predicted by experts.
The latest insight from comparison site Uswitch.com shows how some Brits are severely underestimating how high their energy bills will jump.
The current energy price cap, which was set in April, currently sits at £1,971.
Experts at Cornwall Insight predict a jump to £3,582 in October, which the price cap will next be reviewed - followed by an even more concerning rise to £4,266 in January.
More than a quarter of households (27%) – more than seven million billpayers – don’t know what is going to happen to the price cap, while one in ten (12%) think it will decrease.
Are you worried about affording your energy bills this winter? Let us know: mirror.money.saving@mirror.co.uk
The average figure for how much it would increase or decrease by was £487.20.
Only two million households (8%) predicted the price cap would rise by more than £1,500.
The £400 energy discount will start to be distributed to some 29 million homes from this October - but this was calculated based on Ofgem predicting its price cap will rise to £2,800.
This means if the price cap hits £3,582 in October, there will be a potential additional £700 shortfall for households to find.
Uswitch is calling for the universal £400 support to be increased to at least £600.
Cost of living payments to vulnerable households should also rise from £650 to £950, with the extra £300 being paid in January when energy use is highest.
Richard Neudegg, director of regulation at Uswitch.com, said: “With the summer holidays in full swing, it’s not surprising that so many people haven’t been on top of the news about changes in the price cap.
“The promised £66-a-month over winter, while a good start, will barely touch the sides of the predicted increase.
“The energy bill support needs to be urgently reviewed. The new predictions will leave a lot of people worried about how they are going to afford their bills this winter.”
What energy bill help is available?
Talk to your energy bill provider as soon as possible if you can't pay your bill - they might be able to put you on a payment plan or offer some sort of tailored support.
It's also worth asking them if you're definitely on their cheapest deal.
All the big energy firms have charitable hardship funds and grants that you may be eligible for if you’re struggling.
For example, the British Gas Energy Trust can be accessed by anyone - not just its customers - providing you meet the eligibility criteria.
If you’re over the state pension age, you may be eligible for the Winter Fuel Payment scheme, worth between £100 and £300 during the winter months.
This will be available to those who get the Guarantee Credit portion of Pension Credit and people on certain means-tested benefits who have high energy costs.
For specific energy debt help, speak to:
For wider debt help, speak to:
