Household energy bills are being capped by the government at £2,500 per year (from £1,971) from October 1st, to combat soaring costs. Prior to the announcement, energy bills were expected to rise to £3,549 per year.
The energy price cap will apply for 2 years to all households in England, Scotland and Wales. However, the “same level of support” will be available in Northern Ireland. In addition to the price cap, households will also receive a £400 bill discount in October.
With the new price guarantee, dual-fuel customers on a standard-variable tariff will pay:
A typical household should expect to pay about £2,500 a year, however, several factors can affect the costs, including the type of property and the number of people living in the property.
Businesses will also receive relief under the Energy Bill Relief Scheme, including a wholesale price cap and fixed rates of 21.1p per kWh for electricity and 7.5p per KWh for gas.
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