3 Things You Need to Know About the Energy Price Cap (And How to Lower Your Bills)
With the latest energy price cap increasing to £1,862 a year, navigating your utility bills can feel more confusing than ever.
What exactly is the price cap, how does it impact your monthly outgoings, and are you paying more than you need to?
In this episode of Midlife Money Made Easy, Julie-Anna Needham sits down with Joanna O'Loan, Knowledge Manager at the Energy Saving Trust.
Together, they break down the complexities of UK energy tariffs, explain the hidden costs on your statements, and share practical, actionable steps you can take this week to lower your energy bills.
In this episode, you’ll discover:
The Origins of the Price Cap: Why Ofgem introduced it, how geopolitical events impact your rates, and what it actually protects you from.
Fixed vs. Variable Tariffs: How to read your energy bill, what a "flexible" or "standard variable" product means for your wallet, and how the price cap acts as a ceiling.
Decoding Your Bill: The crucial difference between your unit rate (what you use) and your standing charge (the daily fee just for being connected).
One Actionable Step for This Week: How to use your current statement to shop around, beat your current rate, and find a better deal.
Resources:
Energy Saving Trust: https://energysavingtrust.org.uk/
Ofgem's energy price cap explained (Energy Saving Trust): https://energysavingtrust.org.uk/what...
Ofgem's energy price cap increases (Ofgem website): https://www.ofgem.gov.uk/news/changes...
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