Energy Price Cap to finally fall after three consecutive hikes
Costs will fall 7% in the Summer, but average energy bills will still be more than £150 higher than a year ago.
Annual energy bills will fall by an average of £129 this Summer, the energy regulator has confirmed.
The Energy Price Cap, which is revised every three months and sets the maximum amount suppliers can charge per unit of energy, is set to fall 7% at the start of July.
While the drop is welcome news for household finances, which were hammered by a raft of bill hikes in April, it still means we’ll all be paying notably more for our energy this Summer compared to last.
Top ways to fight back against the ‘awful April’ bill hikes
Last July, the Energy Price Cap was set at £1,568 for a household with typical usage, but this time round they will be paying £1,720.
That’s an increase of £152 year-on-year.
Shop around for a cheaper energy deal with Uswitch (opens in new page)
Don’t let the price cut put you off switching
So what can you do to fight back against sky-high energy bills?
We’ve put together a raft of different tips and tricks to help you use less energy here.
But one of the quickest changes you can make, which doesn’t require any changes to your habits, is to lock into a cheap fixed-rate energy tariff.
You might think there’s not much point doing so given the Price Cap is set to fall this Summer, but there are still huge savings to be made.
Indeed, Uswitch estimates you could save more than £200 over the next year by locking into a cheap tariff now.
We’ve teamed up with Uswitch to help you easily find a deal here, but any price comparison site will help you save if you’re currently on the costly standard tariff.
Visit the loveMONEY energy hub page for more help cutting your bills
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