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The new October 2023 energy price cap is now in effect as of October 1st. The price cap is updated every 3 months, so the current tariff will run until December 31st.

Households on standard variable tariffs will now be billed based on the new unit rates and standing charges. Customers on fixed-rate energy tariffs are not affected. Their energy prices are guaranteed to stay the same for the duration of their contract.

The energy price cap does what it says on the tin – it’s a cap or limit on the amount that energy suppliers in the UK can charge for domestic electricity and gas. Although it’s often quoted as a monthly or annual cost, the cap is actually on the per-unit cost of energy. Your own bill is still based on usage, average household usage for different-sized homes is used to estimate what individual bills will be.

The cap applies to all Standard Variable Tariffs in the UK. It doesn’t apply to you if you are on a fixed-rate tariff. Standard variable tariffs used to be the most expensive way to get your energy, but the energy crisis and price cap now mean that these are the best value tariffs available.

Read more about the Ofgem Energy Price Cap here

As energy bills are based on usage, the top way to lower your bills will be to reduce your home energy usage where you can. We’ve published guides on how to save energy during the summer, and how to lower your household bills if your property has a poor EPC.

You can also save by switching to a direct debit payment if you haven’t already.

In response to the rising cost of living, the UK government has confirmed that every household will receive £400 in energy support from October. This will come in the form of six monthly bill payments of £66.66, made directly to your energy supplier.

There’s also further support available for certain households including an increase to the winter fuel allowance, you can read about all of the support available in more detail here.