Martin Lewis Reveals New Calculator That Shows Exactly How Much Your Energy Bill Will Rise In Two Weeks
MARTIN Lewis’ MoneySavingExpert has launched a calculator that shows the exact amount of your energy bill that will go up in two weeks.
The new tool will give you an estimate of how much your bills will be under the new £2,500 Energy Price Guarantee.
The energy price guarantee will replace the existing price cap on October 1, freezing bills at £2,500 for the average household for two years.
The move is expected to save households £1,000 a year, but your energy bill could be higher depending on your usage.
This is because the cap is set on what companies can charge customers for the unit price and ongoing charges per unit of energy.
If you use more, you’ll pay more, and if you use less, you’ll pay less.
That’s why the consumer site has launched a tool so you can see exactly how much you’ll pay, based on your actual usage.
The new calculator was revealed in the latest MoneySavingExpert newsletter.
You cannot use the calculator if you are a prepaid meter customer – this is because the government has not confirmed what the tariffs will be for such customers.
Prepaid meter customers are charged more for their energy – the current price cap is £46 higher for these customers than those on a standard variable tariff.
You will need important information at hand to use the tool.
You will need your annual energy consumption in kWh (you can usually find it on your bill) or enter your monthly expenses.
Entering your annual energy consumption will show the most accurate results.
You will also need to select your region.
Then you will receive an estimate of what you will pay based on your usage.
The result does not include the £400 energy discount that all households will get this winter.
Be sure to subtract it from your result.
To use the tool, go to the MoneySavingExpert website.
How can I reduce my energy consumption?
Tumble dryers are one of the biggest energy consumers, costing around £1.27 per cycle, according to Uswitch.
Turn it off at the switch and use a drying rack instead to dry your clothes for free.
Turning your thermostat down just one degree can save you £100, according to the Energy Saving Trust.
Although your home is well protected against drafts, you can save £45 a year – you can use old socks and towels to put against your door.
Checking your boiler settings could save you £95 a year – switch off ‘comfort’ mode and lower the flow temperature.
Smart meters can cut your energy bills by £65 a month.
Washing your clothes at 30 degrees instead of 40 could save you an extra £12.