What is the Energy Price Guarantee?
In October 2022, the Government introduced the Energy Price Guarantee (EPG) to help households manage the increase in energy costs by limiting the amount of money energy suppliers can charge you for the amount of gas and electricity that you use. It’s helped reduce the amount of money we all pay for our energy. The Energy Price Guarantee limits a typical household’s energy bill at £2,500 a year.
Originally, the Government Energy Price Guarantee was expected to rise by 20% on 1 April 2023. However, the Government has recently announced that this will now not happen. Additionally, wholesale energy prices (the prices energy suppliers buy energy for) have dropped and it’s expected that the prices we pay for energy will decrease by 20% in July and stay at that level until the end of the year. We may also see the return of energy suppliers offering cheaper fixed deals, so there may be opportunities for you to find better energy rates than what you may be paying right now.
Extra help for those who receive benefits
Although the £400 Energy Bill Support Scheme that saw households receive the average monthly discount of £67 on energy bills has now ended, there’s still additional support available for people 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 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.
Finally, if you are eligible for disability benefit, you will be paid an extra £150 this Summer (2023).
For more information, please visit the Government’s Help for Households webpage. Link to: https://helpforhouseholds.campaign.gov.uk/help-with-your-bills/
Avoid scammers!
You don’t need to apply for any of the payments or discounts and there’s no need to contact your energy supplier or the Government, it’s automatic. If you get a message telling you that you need to apply, or asking for your bank or credit card details, it could be a scam. The Department for Work and Pensions (DWP) has said they’ll never ask you for personal details or banking info over text or email. You can report messages you think are suspicious directly to the Government.
