The new energy price cap and standing charges for every part of the UK

Gas and electricity prices will fall by 7% in Wales, England and Scotland on July 1. The typical dual-fuel bill paid by direct debit will be £1,568 per year under the new energy price cap.

Although bills will be at their lowest for two years, they will still be around £400 higher than three years ago. The cap, which covers 28 million households in England, Wales and Scotland, is set every three months by the energy regulator Ofgem. It fixes the maximum that can be charged for each unit of energy on a standard or default tariff for a typical dual-fuel household which pays by direct debit, the BBC reports.

Between July 1 and September 30, a typical dual-fuel direct debit household will pay £1,568 per year, a drop of £122. And for those who pay their bills every three months by cash or cheque, the typical cost will fall by £129 to £1,668. For money-saving tips, sign up to our Money newsletter here

READ NEXT: Woman arrested over video of 'prison guard having sex with inmate'

DON'T MISS: Footballer issues statement after homophobic rant at police officer

Although the overall cap has fallen, standing charges — a fixed daily amount that covers the cost of connecting to a supply — are staying roughly the same. The BBC reports these are typically 60p a day for electricity and 31p a day for gas, although they vary by region. Finance journalist Martin Lewis of Money Saving Expert has described the charges as unfair because they make up a disproportionately large part of the bill of low energy users. Here are the energy price cap standing charges and unit rates for each region of the UK.

Rates for electricity from July 1

Rates for gas from July 1