Find Out How You Can Save Money On Your Bills This Winter
This is a cap on the unit rate and standing charge that the government places to protect consumers from being ripped off. It isn’t a cap on your total bill, which will vary according to your energy usage. The price cap will be revised every three months from 1 Oct 2022 till 31 Dec 2022. The table below shows the current price cap rates and the rates set to kick in from 1 October 2022.
Let's take a deep dive so you can understand your bill and what the new price cap figures mean for you this winter
If you don’t understand what the acronyms and numbers on your electricity and gas bills mean, don’t worry; you’re not alone.
A survey conducted by YouGov in 2017 found that 60% of people find their energy bills confusing. Consumers find it harder to understand their gas and electricity unit pricing and costs, and voted energy suppliers the worst offenders of confusing bills, beating water companies, mortgage lenders, councils and phone providers.
1.3 million customers were overcharged in 2017 alone due to their supplier’s mistakes. These mistakes include submitted meter readings not being applied, incorrect tariff details, incorrect direct debit taken, and incorrect fees being applied, to name a few. These mistakes go unnoticed as customers seldom read their bills — errors that cost an average of £79 per household in 2017.
So it’s worth spending some time understanding your bills, as this is an excellent way to start saving money and taking control of your energy use.
There are three main things to check on your bills:
Note that gas and electricity bills can look very similar, and if you have the same supplier for both fuels, you may only get one bill.
The type of bill you receive depends on how you pay for your electricity or gas. If you pay on receipt of the bill, you will receive a bill or demand for payment stating the amount owed less any payments already made.
It will also show the payment due date and how the bill amount was calculated. You can pay the full amount in one go or arrange with your energy supplier to pay in monthly or quarterly instalments by setting up a direct debit.
If you already have a direct debit set up or are a pay-as-you-go customer, you will receive a statement of what you have already paid. A statement is not a payment request. It simply shows the current balance of your account, your latest payments and the amount of debit or credit your account is in.
Your supplier will seasonally adjust the direct debit amount according to your energy usage.
It’s more important than ever to check your energy bills, not only to stay informed and in control, but also to ensure you’re not paying too much.
Read our latest blog which will help you understand your energy bill and highlight areas where you could be saving money.
The October unit price cap is here and energy prices are at record levels, with no sign of a reduction in the future.
This book has been compiled with over a hundred energy saving tips and calculations which could save you up to £2,000* a year on your bill.
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