Simply enter the amount you currently pay for both gas and electricity into our calculator below and it will work out a new estimate based on the new Ofgem energy price cap
A typical household’s energy bill will fall by £122 a year in July thanks to the new Ofgem price cap – and you can calculate how much your bill will drop by using our energy price calculator.
The latest quarterly energy price cap has been announced by Ofgem. It means households that use the average amount of gas and electricity will pay £1,568 a year. That’s down from the current level of £1,690 a year, a difference of £122.
The cap sets the maximum price for a unit of energy and standing charges, not for the total bill, so households could pay more. The new cap sees unit prices for both gas and electricity fall by 9%. You can calculate the changes to your bill by using our calculator. Simply enter the amount you currently pay for both gas and electricity and it will calculate a new estimate based on the new cap.
Our energy calculator only applies to dual fuel direct debit customers. It won’t work if you have a prepayment meter or you pay on receipt of bills. These methods of paying have different unit rates and standing charges. Will Owen, energy expert at Uswitch.com, said: “A 7% drop in the energy price cap from July to September is good news for the 28 million households on standard tariffs, who should see bills coming down.
“While this is the lowest price cap we’ve seen in over two years, storm clouds are on the horizon with the cap predicted to rise again in October. This would mean higher rates over the winter, when we use the most energy for heating our homes. If you’d prefer to avoid the uncertainty of rising costs in winter, now is a good time to think about taking a fixed energy deal, which would let you lock in rates while prices are cheaper.
“Fixed energy tariffs are the cheapest they’ve been since summer 2021 and there are some great value deals currently worth considering.”