What does the energy price cap mean for me?
Some energy providers have introduced price decreases for their default and SVR tariffs in response to the decrease in the cap level, meaning bills for some will get cheaper. However, despite a reduction in the cap level, consumers that fail to shop around or opt to switch their energy to fixed rate tariffs will, most likely, continue to overpay for their energy as they miss out on cheaper deals on the market.
Default and SVR tariffs are usually more expensive than fixed rate tariffs. Fixed rate tariffs last for a set amount of time, usually 12 or 24 months, with the price per unit of energy fixed for the duration of the deal. You’re not affected by the cap if you’re on a fixed tariff.
Your tariff details can be found on your latest bill or in your online account. If you’ve never switched from one energy company to another, or haven’t switched for a while, it’s likely you’re on a default or standard tariff.