Money Matters: What the energy price cap rise means for you – and whether to lock into a fixed tariff

This will mean the bill for an average dual-fuel household will increase from July 1 to £1,862, from £1,641 – equivalent to £18 more per month.

While any rise in bills can feel worrying – especially at a time when most of our budgets are already stretched, there are things you can do to stay in control. Chloe Meredith, Housing Plus Group’s Energy Advisor, outlines some simple steps you can take to help manage things.

Firstly, it’s important to know that the price cap is not a cap on your total bill. It limits the amount suppliers can charge per unit of gas and electricity if you are on a standard variable tariff. What you pay still depends on how much energy your household uses.

The increase will mostly affect people on variable tariffs. If you are on a fixed deal already, your prices will stay the same until your contract ends.

So, with that in mind – if you’re already on the price cap, it is worth considering getting off it and locking into a fixed rate below the current cap.

Fixing gives you certainty over what you’ll be paying, rather than waiting to see what the price cap does each quarter.

Have a look on comparison sites such as GoCompare and Uswitch where you will be able to find a deal that works for you.

Other actions that can also make a difference – and save you some money in the long run, include:

• Submitting meter readings regularly so your bills reflect your actual usage.
• In last week’s column, we advised spreading your payments across 12 months where possible – another way of making budgeting easier with no nasty surprises!
• Check if you are entitled to support such as Warm Home Discount and other grants.

If you are concerned about your energy bills or usage, speak to your energy supplier or a charity such as Marches Energy Agency, Energy Saving Trust, LEAP (Local Energy Advice Partners) and National Energy Action.

Housing Plus Group’s customers can also speak to us in the Energy Advice team for advice and support. Our Energy Advice service is funded by the Cadent Foundation.