The Martin Lewis Money Show Live may have ended its current telly run of the series, but the team at MoneySavingExpert.com (MSE) are still following the energy crisis and sharing the latest updates with consumers.
In this week’s edition of the MSE newsletter, Energy Analyst Andrew Capstick shared details of the new tariffs being introduced by 11 UK suppliers from next month.
Most energy firms are increasing their standard tariffs to the maximum allowed by the Ofgem price cap - £1,971.
This means millions of gas and electricity bills are on course to increase by 54% from April 1, putting additional pressure on household finances across the country.
In February, the energy regulator announced that the average household bill, for those on a standard tariff, would increase from £1,277 to £1,971 per year. Prepayment meter customers will see £708 added to their annual bill, taking it to £2,017.
However, Octopus Energy is bucking the price cap trend and offering new and existing customers a ‘loyalty tariff’ which is £50 under the price cap.
The new rate applies to the Octopus Flexible variable tariff, which is being quoted at £1,921 a year for someone with typical energy usage.
The deal is only available to customers who joined the energy firm by March 3, 2022, or those coming off a fixed deal before April 2, 2022.
At the moment, experts advise that households are better off on standard variable rates.
How much will you pay if you have typical use?
Just remember, if you use more gas and electricity you will pay more and if you use less, you will pay less.
British Gas
- Direct Debit: £1,971
- Prepayment meter: £2,017
Bulb
- Direct Debit: £1,971
- Prepayment meter: £2,017
E.on / E.on Next
- Direct Debit: £1,971
- Prepayment meter: £2,017
EDF Energy
- Direct Debit: £1,970
- Prepayment meter: £2,017
Octopus Energy
- Direct Debit: £1,921 (if you were on its standard tariff before 2 April) and £1,969 (if you come off a fix from April 2)
- Prepayment meter: £1,967 (on its standard tariff before March 3) and £2,015 (joining on prepay after March 3)
Outfox the Market
- Direct Debit: £1,971
- Prepayment meter: NA
Ovo
- Direct Debit: £1,90
- Prepayment meter: £2,015 (via Ovo's Boost brand)
Scottish Power
- Direct Debit: £1,971
- Prepayment meter: £2,017
Shell Energy
- Direct Debit: £1,971
- Prepayment meter: £2,017
SSE
- Direct Debit: £1,970
- Prepayment meter: £2,015
Utility Warehouse
- Direct Debit: £1,960 (energy only)
- Prepayment meter: £2,017
These prices are based on average rates as gas and electricity unit rates and standing charges vary by region.
Financial support during energy crisis
The UK Government will pay £200 into every electricity bill-payer’s account in October to help offset the price cap. This will be repaid from April 2023 for five years.
Council Tax bill-payers in bands A to D, or those already receiving a Reduction in Scotland, will receive £150 non-repayable credit either to their bank account if the pay by Direct Debit or directly into their Council Tax account.
Contact your local council if you’re not sure where the money will go, but check your online Council Tax account first.
If you are not eligible for these support measures and on a low income, you may be able to get a Crisis grant from your local council - find out more here.
You should also contact your energy supplier if you are worried about paying your bills.
Read the full article on the MoneySavingExpert.com website here.
To keep up to date with the energy crisis, join our Money Saving Scotland Facebook group here, follow Record Money on Twitter here, or subscribe to our twice weekly newsletter here.
