Government Energy Price Guarantee changes
The Government introduced the Energy Price Guarantee (EPG) to help manage the increase in energy costs by limiting the amount of money energy suppliers can charge you for the amount of energy you use. It was expected to rise by 20% on 1 April 2023, however the Government has announced that this won’t happen now. Wholesale energy prices (the prices energy suppliers buy energy for) have also dropped and it’s expected that the prices will decrease by 20% in July and stay at that level until the end of the year.
There are rumours that cheaper fixed deals will be coming back on the market in the next few months. Uswitch allows you to pre-register to hear about when new tariffs become available, through their Uswitch Priority programme. If you’ve got a smart meter, you can also sign up for Utrack, their free mobile app that connects to your smart meter and can help you track your home energy usage and help you find ways to use less energy to keep your bills as manageable as possible.
Extra help for those who receive benefits
If you receive benefits such as Universal Credit, Income-based Jobseekers Allowance, Income Support, Tax Credits, Pension Credit and/or Income-Related Employment and Support Allowance, you should receive an additional £900 cost of living payment from the Government. You can expect to receive the first payment of £301 from the 25 April, with most payments made by 17 May. This will be followed by a £300 payment in the Autumn and a final payment of £299 next Spring (2024).
If you’re eligible for disability benefit, you will be paid an extra £150 this Summer (2023). If you’re aged 66 or over and eligible for the Winter Fuel Payment, you should have already received an additional £300 payment direct to your bank or energy account. The Government has also announced that this payment will continue next Winter (2023-24). For more information, please visit the Government’s Help for Households webpage.
Prepayment meter update
It’s just been announced that households on prepayment meters will no longer pay more than customers paying by Direct Debit. The ‘prepayment meter penalty’ will end in July, saving those households around £45 a year. (Digital version only): There are also some changes to how energy suppliers can forcibly switch someone to a prepayment meter too. Find out more here.
Saving on your internet and mobile phone costs
Some providers offer cheaper or what they call ‘social tariffs’ on mobile phone and broadband packages to customers that are on benefits. Learn more here.
