Energy Price Cap calculator: Find out how much your bills will change

A new Energy Price Cap calculator will help consumers facing increasing energy costs this winter after the regulator raised its price cap from today. The tool will allow householders to more effctively budget now Ofgem’s price cap has risen by £149 from the previous £1,568 a year for a typical household in England, Scotland, and Wales to £1,717.

The energy price cap sets a maximum price that energy suppliers can charge consumers in England, Scotland and Wales for each kilowatt hour (kWh) of energy they use. The figures provided by Ofgem indicate what a household using gas and electricity, and paying by direct debit, can expect to pay if their energy consumption is typical. It is important to note that it does not limit a home’s total bills because people still pay for the amount of energy they use – so if it is above the average they will pay more, and if it is below they will pay less.

READ MORE: Martin Lewis hits out at energy price cap after rise and says 'no one should be on it'

Martin Lewis, the founder of MoneySavingExpert.com, said people “can and should save by switching” their energy supplier, and consider a fixed-price energy tariff. The cheapest year-long fixes on the market right now are about 7% less than the new October price cap, but they might not be around long,” he cautioned. Mr Lewis suggested that people look for the cheapest option for their use and location, and they can use comparison sites to find and compare deals.

Ofgem said the main reason why it has decided to increase the cap is because of rising wholesale prices in the international energy market, which have been caused by heightened geopolitical tensions and extreme weather events. Jonathan Brearley, Ofgem’s chief executive, said