Energy price calculator shows how much you'll pay after new price cap change

Energy prices are going down again - but how much will you be paying? You can calculate how much your bill will drop using the handy gadget we have included below.

A typical household's energy bill will fall by £122 a year in July thanks to the new Ofgem price cap. It means households that use the average amount of gas and electricity will pay £1,568 a year. That's down from the current level of £1,690 a year, a difference of £122.

The cap sets the maximum price for a unit of energy, not for the total bill, so households could pay more if they use more. The new cap will see unit prices for both gas and electricity fall by 9 per cent. Standing charges will also go down but by less than 1 per cent.

You can calculate the changes to your bill by using the calculator above. Simply enter the amount you currently pay for both gas and electricity and it will work out a new estimate based on the latest cap.

Our energy calculator only applies to dual fuel direct debit customers. It won't work if you have a prepayment meter or you pay on receipt of bills. These methods of paying have different unit rates and standing charges.

Will Owen, energy expert at Uswitch.com, commented: "A 7 per cent drop in the energy price cap from July to September is good news for the 28 million households on standard tariffs, who should see bills coming down.

"While this is the lowest price cap we've seen in over two years, storm clouds are on the horizon with the cap predicted to rise again in October. This would mean higher rates over the winter, when we use the most energy for heating our homes.

"If you'd prefer to avoid the uncertainty of rising costs in winter, now is a good time to think about taking a fixed energy deal, which would let you lock in rates while prices are cheaper. Fixed energy tariffs are the cheapest they've been since summer 2021 and there are some great value deals currently worth considering."

Cheapest 12-month fixed energy deals available to new customers

Supplier - Tariff name - Average annual household bill - Exit fees - Percentage below current cap (£1,690) - Availability

Ecotricity

1 Year Fixed Domestic Tariff V24.1

£1,540

£75 per fuel

9%

Direct

Octopus Energy

Octopus 12M Fixed

£1,579

None

6.5%

Direct

OVO

1 Year Fixed 16 May 2024

£1,612

£75 per fuel (12m)

4.5%

Direct

British Gas

Fixed Jun25 v5/Fixed Tariff 12M V5 (12M)

£1,635

£50 per fuel

3%

Direct

EDF

EDF Essentials 1Yr June25 v2

£1,639

£25 per fuel

3%

Uswitch.com

E.ON Next

Next Fixed v15 /

Next Gust v6

£1,640

£50 per fuel

3%

Direct

Sainsbury’s Energy

Sainsbury’s Fix and Reward 12m v15

£1,670

£50 per fuel

1%

Direct

So Energy

So Peach One Year - Green

£1,672

£50 per fuel

1%

Uswitch.com

Source: Uswitch.com. Correct as of May 23, 2024, 5pm. Table excludes bundle tariffs, variable tariffs and tracker tariffs. Tariffs subject to availability and prices may vary. Suppliers have the right to remove a tariff from the market at any time.

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