Energy price cap – energy prices to go down
From 1 October 2023 the price cap for energy in a typical household who use gas and electricity and pay by Direct Debit will go down to £1,923 per year. The level of the energy price cap is based on a typical household energy use.
Costs included in the energy price cap
The level of the energy price cap is made up of different costs, the wholesale cost of gas and electricity, costs to supply energy on the network and VAT. From 1 October 2023 this allowance will increase an average of £10 per customer per year.
Energy price cap for typical domestic consumption values (2023) between July to December 2023
The amount you pay will depend on actual household usage, where you live as well as meter and payment type. The figures above are based on the England, Scotland and Wales average for people who pay by Direct Debit and are on a standard variable tariff, also known as a default tariff.
Price for customers on a standard variable tariff (default tariff)
Support for people with a prepayment meter
From 1 October 2023 due to the policy changes there will be cost reductions. People who pay for their energy using a prepayment meter will see a reduction by £42 per year. There will also be an initial 12-month allowance to cover increased debt costs associated with additional support credit. Additional support credit is often issued to people at risk of being cut off from their energy supply because they cannot afford to top up their meter.
Support available
If you need some help with making a potential claim for benefits, contact the JJH Money Advice team. Our team can provide advice and assistance over the telephone as well as in person. Find out more here.
Email: money.advice@jjhousing.co.uk