What does the energy price cap mean for you?
Many energy providers have introduced price increases for their default and (SVR) tariffs in response to the increase in the cap level. These higher energy costs will be seen in bills sent out from now on.
This serves as a timely reminder to compare energy prices and see if you can find a better tariff.
Default and SVR tariffs are usually more expensive than the main alternative – fixed rate tariffs. Fixed 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 area. 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.