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ENERGY bills will rise for millions of households at the start of next year.
The energy regulator Ofgem has confirmed the new price cap, which comes into effect on January 1, 2025.
The average dual fuel bill for those not on a fixed deal will rise from its current rate of £1,717 a year to £1738
But bear in mind the exact amount you pay can be higher or lower depending on your usage and how you pay, plus the cap is reviewed every three months.
Around 29million households are on standard variable tariffs which are affected by the price cap, according to Ofgem.
Experts at Cornwall Insight had predicted earlier this week that the energy price cap would rise to £1,736, after previously believing that it would fall slightly.
Despite the rise, average bills remain considerably lower than during the peak of the energy crisis, which was fuelled by Russia’s invasion of Ukraine in February 2022.
The war caused a spike in an already turbulent wholesale energy market, driving up costs for suppliers and customers.
Before the energy price shock, a standard annual bill was £1,084.
It’s important to note though that the price cap is not a limit on the overall amount people will pay for their energy.
Instead, it caps the amount that they pay per kilowatt hour, or unit, for gas and electricity.
The figure is calculated based on what Ofgem thinks an average household will use.
This is calculated assuming that a typical household uses 2,900 kWh of electricity and 12,000 kWh of gas across a 12-month period.
Those who use less will pay less, and those who use more will pay more.
Be aware that the exact unit rates and standing charges you pay will vary slightly based on your supplier, where you live and how you pay for your gas and electricity costs.
The energy price cap is adjusted every three months to reflect changes in underlying costs.
The price cap for April 1 to June 30 2025, will be published on February 2025.
If you’re on a fixed tariff there will be no change to your bill, as you’ve locked in the price for a set period.
The price cap dictates the price of standard tariffs, so the standard tariff will rise on January 1.
The main alternative tariffs being offered are fixes where you lock in – the price is not affected by the price cap.
Fixed deal offers move up and down based on the current supply that energy firms can get based on the current wholesale rates.
Nous.co has created a calculator which tells you how much you pay now under the most recent price cap.
If you’ve been left worried about energy bills next January, it might be worth fixing an energy deal now.
Fixed deals see you charged the same gas and electricity rates throughout the contract term.
But there are still a range of deals available.
As always, make sure to do some research and use a comparison tool such as MSE or USwitch.
Something to bear in mind though is that most comparison sites just give you the current price cap, while you need to look at the price cap over the next year to get the best view.
Of course, you should only switch to the cheapest fixes though, not all of them are bargains and some of them have hefty exit fees.
If you don’t want to commit to a fixed tariff it’s always worth considering a variable tariff.
These track wholesale gas and electricity costs, meaning your unit rates and standing charges can go up and down.
There's a number of different ways to get help paying your energy bills if you're struggling to get by.
If you fall into debt, you can always approach your supplier to see if they can put you on a repayment plan before putting you on a prepayment meter.
This involves paying off what you owe in instalments over a set period.
If your supplier offers you a repayment plan you don’t think you can afford, speak to them again to see if you can negotiate a better deal.
Several energy firms have schemes available to customers struggling to cover their bills.
But eligibility criteria vary depending on the supplier and the amount you can get depends on your financial circumstances.
For example, British Gas or Scottish Gas customers struggling to pay their energy bills can get grants worth up to £2,000.
British Gas also offers help via its British Gas Energy Trust and Individuals Family Fund.
You don’t need to be a British Gas customer to apply for the second fund.
EDF, E.ON, Octopus Energy and Scottish Power all offer grants to struggling customers too.
Thousands of vulnerable households are missing out on extra help and protections by not signing up to the Priority Services Register (PSR).
The service helps support vulnerable households, such as those who are elderly or ill.
Some of the perks include being given advance warning of blackouts, free gas safety checks and extra support if you’re struggling.
Get in touch with your energy firm to see if you can apply.