Are energy bills going up in April 2023?
The rising cost of living is showing no signs of slowing down as Britons battle to save money where they can.
Everything from broadband prices to stamps is increasing, and it has raised many questions on what else we will see rising in cost.
Energy bills have been a source of stress in the cost of living crisis as some households look set to spend an eye-watering amount each month.
But with the introduction of the Energy Price Guarantee and the price cap changes, it has been confusing for some to understand exactly what they will be paying.
Here’s what you need to know about energy prices in the coming months.
Will energy prices rise in April 2023?
The short answer is yes, you will be paying more on your bills – but not for the reasons you might think.
The energy price cap is coming down from £4,279/year to £3,280 from April 1 – which is the maximum amount that suppliers can charge customers for each kilowatt of energy they use.
Currently, the temporary additional ‘cap on the cap’ – the Energy Price Guarantee (EPG) – is also frozen at £2,500 and will be until June.
This means the average annual household bills will be capped at £2,500, relieving some pressure on those affected by the cost of living crisis.
From July 2023 to March 2024, this will then rise to £3,000.
The EPG sets the amount households can be charged per unit of gas or electricity, as well as a cap on the daily standing charge.
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It is not a cap on the max a household can be charged full stop – so if you use more energy, you will pay more, and if you use less, you’ll pay less on your bills.
While the EPG being frozen is good, the Energy Bill Support Scheme is coming to an end this month.
The scheme saw eligible households get £400 off their bills through winter, so you’re likely to see a rise in price with this subsidy, which was broken down into £67 per month, being cut.
MORE : All cost of living payment and benefit changes coming to April 2023
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MORE : How will cost of living payments and benefits be paid in April 2023?
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