Here’s a very quick update on the financial support being rolled out to help households with paying their energy bills during the cost of living squeeze. Watch the video to find out more about the energy price guarantee and the energy bill support scheme.
What is the Energy Price Guarantee?
Heard of the Energy Price Guarantee but not sure what it really means for you? From October 2022, the government put a cap on energy bills for every household which meant the average household would pay around £2,500 per year. From April 2023, the government will continue to cap energy bills for every household for 12 months but at a higher amount than at present.
The average household will pay around £3,000 per annum, but what you pay might be more or less depending on how much energy you use.
Energy savings tips to help households keep costs down:
In addition to government support - for many of us, finding ways to cut energy usage will be key to keeping costs down when it comes to our energy bills this winter. Here are some resources to help stay warm without a whopping bill.
From October 2022, the government put in place a energy bill support scheme providing a £400 non-repayable discount to eligible households to help them with their energy bills over winter 2022 and 2023.
Do I need to claim the Energy support scheme discount?
You do not need to apply for the discount and there is no need to contact your energy supplier. This discount will be applied to your monthly electricity bill for 6 months starting in October 2022. This means:
How will I receive the discount?
What additional support is available?
If you’re in debt to your energy supplier, you might be able to get a grant to help pay it off.
You may be able to get other kinds of support, including:
What else can I do to keep my bills low?
Adopt the Smart Spending System and look for the best deals
Follow our Smart Spending System to get control of what you spend your money on. This means cutting out waste, optimising your essential spending and deferring any new spending if possible.
Consider if you’re getting the best deals on other bills? Check out our G.U.I.D.E for the best deals and savings across Groceries, Utilities, Insurance, Debt and Energy.
Consolidate any existing debt and remove anything that isn’t essential spending
Do you have non-mortgage debts that you could consolidate like credit cards or store cards? You may be eligible for a salary deducted loan from us at Salary Finance which could help consolidate debt repayments and free up extra cash to help with the rising cost of energy and living costs.