Martin Lewis’ team have come up with a handy calculator to help determine how much you will pay after October’s price cap increase.
The Money Saving Expert team claim that the cap is misnamed as there is no actual cap on how much you pay but rather the rates themselves. If you use more energy you will pay more.
However, the price cap prices are usually announced as an annual figure based off what an average household would use. Currently it is set at £1,971 per year but will soon be rising to £2,500 as from October 1.
READ MORE: British Gas issues important message to customers over energy price cap increase
The upcoming increase will be a part of the energy price guarantee, set out by new Prime Minister, Liz Truss. She announced that the rates would be frozen for two years.
The MSE team offer a calculator to help determine how much you will pay which you can visit here. They note that the calculator does not include the £400 reduction on all bills due this October and they do not yet have pre-payment rates.
What are the new rates for energy from October 1 in the North West?
Prices vary by region. For North West dual-fuel customers paying by direct debit under the government’s new energy price guarantee, the new rates are as follows:
Gas
- Unit rate: 10.29p per kWh
- Standing charge: 28.49p per day
Electricity
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Unit rate: 33.50p per kWh
-
Standing charge: 43.26p per day
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