As the energy price cap is set to surge by up to 6% in April, affecting 26 million households, experts are urging consumers to switch energy tariffs or face soaring bills. New predictions reveal that the average household could see their annual bill rise by approximately £109 to £1,847, with a further £35 increase expected in July.
The energy price cap, which limits the maximum amount suppliers can charge for standard variable tariffs, has been pushed higher by a sharp increase in wholesale electricity prices. This hike, driven by high winter demand and global instability, has left many households vulnerable to significant price increases in the coming months.
According to energy experts, the 1 April cap increase is now expected to be higher than previously forecast. E.ON predicts an average £109 increase, raising the typical bill to £1,847—a 6.3% hike from the current £1,738. Additionally, by July, bills could rise by another £35, bringing the cap to £1,872, which is 8% more than current rates.
Uswitch is encouraging households to act swiftly by locking in a deal at or below the current price cap to avoid these increases. The company also points out that cheaper deals are still available, with EDF’s Simply Tracker Extra tariff offering a £100 discount on dual-fuel standing charges. This exclusive offer, available only through Uswitch and Confused.com, guarantees savings for households that use less energy.
Elise Melville, energy expert at Uswitch, comments: “If you haven’t switched energy suppliers recently, you’re likely paying more than you should be. With the upcoming price hikes, now is the time to take action. A deal at or below the current price cap is likely to save you money over the next year.”
She continues, “For those not looking to fix their tariff, there are options that track the price cap but offer guaranteed discounts. EDF’s Simply Tracker Extra tariff guarantees a £100 saving on dual-fuel standing charges over the next 12 months.”
The warning comes as many households remain on standard variable tariffs, the most expensive way to pay for energy. With a wide variety of deals available, consumers are encouraged to compare their options and switch to a better deal before the price cap rises.
Run an energy comparison at Uswitch.com to beat the price rises.