Ofgem, the energy regulator, has announced the energy price cap will fall by 7% from 1st July, which means what you pay for energy should be lower from July, and by around £11 per month on average.
The average for a typical household would now be £1,720 per year, down from £1,849.
However, if you are on a fixed deal currently, you won’t be affected, but your deal might already be lower than the price cap.
The price cap will be reviewed again before September with a new cap to begin from then (which could be higher or lower).
If you aren’t on a fixed deal currently, the deals out there currently could mean you’ll save money right now rather than from 1st July when the energy providers must bring down their prices to at least the cap.
We think Octopus Energy is a great option with their current fixed rate deal. And you aren’t locked in when a better deal comes up. In fact, they’ll tell you when to switch to a new better deal.
You’ll also get £50 for free if you sign up with Nuts About Money. Here’s where to claim the deal¹.
