Energy bills set to fall as new price caps are announced ⚡
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Your questions about energy usage and costs answered from Rightmove:
🙋♂️ What does a unit of energy cost right now?
🔸 Underlying costs energy suppliers need to cover can change
🔸 To prevent hikes in customer prices, the energy price cap is in place
🔸 The cap is set by energy regulator Ofgem (an independent organisation that works to ensure energy customers are treated fairly)
🔸 The price cap amount takes into account any increases in wholesale prices, but does so in a proportionate way
🔸 The figures in the table below shows the maximum amount energy companies are able to charge customers, per unit, for the length of time the price cap is in place
🙋♂️ How will the energy price cap affect what I pay?
🔹 From April to June 2024, the price cap has fallen by £238, taking the average bill for a household with typical energy usage to £1,690
🔹 In May 2024, it was announced that the cap will fall by a further £122 for the period from July to September 2024 (£1,568)
🔹 This takes average energy bills to their lowest level since mid 2022
🙋♂️ How much power does a typical household use?
🔸 Ofgem has outlined how much power you might expect to use based on the size of your property, and the number of people living in it
🔸 Energy is calculated in kilowatt hours, often called ‘units’, and it’s estimated that a typical household will use around 2,700 kwh of electricity and 11,500 kWh of gas each year
🔸 Right now, gas is significantly cheaper than electricity per unit
🔸 Typically, gas will account for around 80% of a home’s energy usage, largely due to households’ current reliance on gas boilers
🙋♂️ How do different appliances in my home contribute to my overall energy consumption?
🔹 A 100-watt light bulb uses 1 kwh for every 10 hours of use
🔹 A fridge-freezer uses 1 kwh for every 26 hours of use
🔹 An electric oven uses 1 kwh for every 15 minutes of use
🔹 A tumble dryer uses 4.5 kwh per cycle
For the full article from Rightmove, click here.
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