As the cost of living crisis continues to place financial pressure on households across the UK, more and more people are becoming conscious of their budgets.
This winter, it is expected that energy bills will increase severely when Ofgem reviews its energy price cap on October 1. Analysts are currently predicting that the price cap could soar by £1,611 - an unprecedented dramatic increase.
Currently, the price cap is fixed at £1,971 but experts at Cornwall Insight believe it could rise to £3,582 in the winter - an increase of 81 per cent. Furthermore, the energy consultancy firm expects the price cap to rise once again by 19 per cent in January 2023, bringing the total to £4,266.
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The energy price cap will determine the limit on the rates a supplier can charge for each unit price of electricity and gas a consumer can use. Simply put, your bill will fluctuate depending on how much electricity you use - the more you use, the more you pay.
The cap also determines the daily standing charge consumers pay to have their homes connected to the grid. However, it can be difficult to determine just how much you will pay for your energy bill when the price cap increases.
To help you get a clearer understanding of how much your monthly bill could change in October, we have an easy-to-use interactive calculator. The calculator may not provide an exact perfect prediction of your future energy bills as there are a wide variety of factors providers consider when charging you for your usage.
For example, if you've accumulated a lot of credit during the summer months, your direct debit payments for electricity could be lower. To gain a rough estimate of your
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