The energy price ceiling for a typical home in Great Britain will drop to £2,074 per year beginning in July, according to a recent announcement made by the regulatory body Ofgem. This represents a savings of more than £400 per year.
Because of this change, the monthly energy costs for about 27 million homes will see a little decrease this summer. As a result of the sharp decline seen in global energy costs over the past few months, Ofgem has decided to reduce the ceiling that is placed on the usual annual dual-fuel tariff.
The energy Price Cap will change from 1 July 2023 The new PriceCap is £2,074 The level is based on typical use of an average household on their supplier’s standard default tariff It’s a cap on energy unit price, not a cap on total bills
When the change is implemented in July, which is when it is scheduled to take place, the average annual cost of a household’s gas and electricity bill will drop from the amount of £2,500 that is set by the energy price guarantee established by the government.
However, the typical family will still have to spend roughly twice as much for their gas and electricity bills than they did before prices began to skyrocket.