April Fools day this year will be less than funny for millions of consumers as the Energy Price Cap rises by around 50% and they’ll start to notice significantly higher bills. This will undoubtedly have a knock on effect, quite soon for those with Smart Meters that see their costs mounting and for others when their Direct Debits start going out or their quarterly energy bills drop onto their doorsteps.
Currently, those on the Price Cap may already have seen their bills skyrocket if their supplier went bust and they were moved to another company for their electric and gas. They may be mistaken in believing the higher bills are already here, but for these they are going to see another even more massive rise from today.
Energy Price Cap Changes
Electricity
- Was: £0.21 per kWh, Daily standing charge: £0.25
- Now: £0.28 per kWh, Daily standing charge: £0.45
Gas
- Was: £0.04 per kWh, Daily standing charge: £0.26
- Now: £0.07 per kWh, Daily standing charge: £0.27
It’s worth noting that on Electricity, even if you cut down on usage, you’re going to be paying an additional £71 a year on the rise in the standing charge alone. No one on a Price Cap tariff will be able to avoid higher bills.
These increased prices will have an impact on consumer spending that will impact all retailers, both online and offline. Watch for an even more pronounced switch to refurbished and alternative lesser known brands that can perhaps offer more competitive prices.
If you are struggling to pay your energy bills, the Ofcom Help With Bills guide may offer some assistance.
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