Electric prices down substantially today…

Yesterday my electric tariff was 38p per unit. Today it is down to 17p, which is quite a drop, and not far off the 14p it was last year. The reason is the new Energy Price Guarantee scheme has come into effect.

The scheme will cap the price for a unit of gas and electricity until April 2023. Bills will be reduced by up to 19.9p per kilowatt hour (kWh) for electricity and 4.8p/kWh for gas.

The Consumer Council have created a handy price table for all suppliers that you can view here (PDF). You should seriously consider switching suppliers as the savings can be considerable, the Consumer Council also has a handy comparison tool to tell you how much you can save.

Important. If you are on a PAYG electric meter, you must top up to apply the new rate. So top up with a tenner, and you will be sorted.

Some other good news is the price of home heating oil continues to drop, it is now £433 for 500litres.

I don’t think I have ever said anything nice about the government but I have to admit this will make a massive difference to people this winter. Combined with the £400 payment (when we eventually get it) most people’s energy costs should not be too far off what they were paying last year.

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