With the energy bill price cap increasing again in October, many households will be anxious about their finances this winter. Last month it was confirmed by Ofgem that the price cap - which regulates the amount that 24 million households pay for their gas and electricity - would soar by around 80%.
The price cap works by limiting how much the average home pays for power every year, if they pay by direct debit on a variable rate tariff. But the unprecedented rise will push the cap to £3,549 per year for the average household - the highest it has ever been.
Prime Minister Liz Truss confirmed she would set out a plan to save households and businesses from financial ruin as a result of soaring energy bills on Thursday (September 8). The package, in which she is expected to freeze household bills at around £2,500, will be set out in Parliament.
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Earlier this year, the government announced a £37 million cost of living support package to support people with rising prices. It includes the Energy Bills Support Scheme, giving households a £400 rebate to alleviate the pressure of rising energy bills this winter.
The discount will be administered by energy suppliers in six monthly instalments. People with a domestic electricity meter point who pay for their bills with a standard credit, payment card or direct debit will automatically receive a deduction.
Meanwhile traditional prepayment meter customers will be provided with Energy Bill discount vouchers in the first week of each month which will be issued via text, email or post, using the customer's registered contact details.
The discount will be provided on a monthly basis regardless of whether consumers pay monthly, quarterly or have an associated payment card. Households will not need to pay the money back as it is a rebate.
The first instalment is expected to come into place from October 22. Households will initially see a discount of £66 applied to their energy bill in October and November which will rise to £67 from December through to March 2023.
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