17/07/2023
What does the energy price cap mean for uk households?
If you’re looking at your finances in preparation for a move, it’s helpful to know how this change may affect your outgoings.
After more than a year of rising energy bills, regulator Ofgem has reduced the Energy Price Cap from July to September. Here’s what you need know:
🔥 If you’re on a fixed tariff for your energy supply, then you won’t be affected by the price cap.
🔥 If you have a pre-payment meter, the Energy Price Cap reduction will offer a slightly bigger saving as the cost will be reduced to the same rate as direct debit users.
🔥 Experts have forecasted a further reduction, but this won’t be confirmed until 25 August when Ofgem announces the cap for the period from October to December 2023.
🔥 The ‘Warm Homes Discount Scheme’ reopens in October 2023, to help people who are struggling with payments
🔥 The fixed standing charge you pay just to have a connection, regardless of how much energy you use, won’t change. The amount you’ll pay depends on your supplier, what tariff you’re on, and where you live.
Connect can recommend financial advisors to advise with moving budgets, affordability and lending for your move. Our sales and Lettings team are also on hand to recommend suitable properties and areas to help you find your dream home. Contact the office today to find out more.