The price you pay for energy is almost certainly changing, and we’ve updated our Utility Bill Calculator with the new unit rates to make it easy to estimate your bills.
From July 1st, the energy price cap dropped, lowering energy bills across the UK by an average of 17%. Some customers who have signed up for fixed-rate tariffs at the new price cap were already paying the reduced rates.
Visit our calculator now, or read on for more information on the energy price cap.
What is the energy price cap?
The energy price cap is a restriction placed on how much energy suppliers can charge for each unit (kWh) of energy. It’s set every 3 months by Ofgem, the UK energy regulator.
The price cap determines the maximum per-unit cost, but you’ll still always pay for the amount of gas and electricity you use. Your bill is calculated from the kWh usage measured by your energy meter multiplied by the unit rate, plus the daily standing charge.
The price cap is sometimes expressed as an annual total. This is the annual cost based on Ofgem’s average usage figures for a 3-4 person household. Based in this, the annual total under the new price cap will be £2,074.
What are the new unit rates for gas and electricity?
|
Fuel |
Unit rate from 01/07/23 – 30/09/23 |
Standing Charge |
|
Electricity |
30.11p per kWh |
52.97p per day |
|
Gas |
7.51p per kWh |
29.11p per day |
These rates and standing charges are averages, which vary by region. These figures are based on payment by direct debit and include VAT (at 5%).
You can find the exact tariff at your property in your online account with your energy supplier, or by contacting them directly.
How does the Utility Bill Calculator work?
Our Utility Bill Calculator uses Ofgem’s average energy usage figures, or your actual usage taken from your last bills, to calculate your monthly cost for energy.
Our calculator adds this to an average water bill based on your property size and the other monthly expenses you select to estimate an accurate monthly total for your household bills.
Try the Utility Bill Calculator for free now!
Switching your energy supplier
All energy suppliers have to obey the price cap, so if you’re on a standard variable tariff your unit rates will drop on 1st July. However, many UK energy customers are still choosing to switch providers.
This is to fix their unit rates against future price increases, as well as take advantage of offers like an early fix of the new price cap. For some, a bad customer service experience with their current supplier has pushed them to look for a company with better customer service.
If you’re interested in switching your energy supplier, book a free call with Please Connect Me today and let one of our experts take you through your options.
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