Date: 31 May 2024
Ofgem announced that the Energy Price Cap is set to fall by an average of 7% from 1 July 2024.
This means that for most customers, for every £100 you spend now, you will typically spend £93 from 1 July. This will apply to around 85% of homes. It does not apply to those on fixed or special tariffs.
The price cap is the maximum amount suppliers can charge for each unit of gas and electricity. It changes every three months and is likely to rise again in October, by an estimated 12%.
If you look at the fixed deals currently available, some of them are cheaper than the July price cap. You may be able to fix your tariff now and lock in a year-long 9% price cap drop.
Sign up to the Cheap Energy Club and check what savings you could make here: https://clubs.moneysavingexpert.com/cheapenergyclub
For all the latest information, visit www.moneysavingexpert.com/latesttip/
