What does the energy price cap mean for you?
Energy providers have started to announce price increases for their standard variable rate (SVR) tariffs in response to the increase in the cap.
Suppliers who raise their prices from April have to write to inform affected customers – those on SVR tariffs – 30 days before the price rises take effect. This serves as a timely reminder to compare energy prices and see if you can find a better tariff.
SVRs are usually more expensive than the main alternative – fixed rate tariffs. These 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 will be on your latest bill. If you’ve never switched from one energy company to another, or haven’t switched for two or three years, it’s likely you’re on a standard tariff.