The October 2022 price cap…

We have 4 top tips with today’s price cap announcement as follows:

1. Make sure you’re clear on what it really means for you. 

The news is splashed with £3,459 p.a. as the official figure but this is an average amount. What you will actually pay might be quite different. It’s crucial to get the facts if you have any chance of budgeting! The only truly personalised calculator in the market is here

2. You might not be able to switch tariff, but can you switch payment type?

The quickest and easiest way to save is to ensure you’re paying by direct debit. Prepayment has historically had the most expensive pricing but on average, pay on receipt of bill customers are paying 6% more than direct debit customers, compared to prepayment’s 3% more. 6% might not sound like much, but when we’re talking about a price cap which is up to £4,066 p.a. For an average household, that’s £244 p.a. - certainly a saving that most of us would rush to switch for, if we could.

3. Make sure you’re getting billed correctly.

Many of us have experienced the pain of incorrect billing and indeed it has been so bad in the last year that Ofgem has today announced changes to energy suppliers’ licence conditions to put an end to this. So if you’re worried this is happening, your energy supplier will at last listen to you - with the new changes to come into force on 8 October. 

4. Get paid to save energy

Octopus is offering some customers £5 a day to avoid high usage items between 4pm-6pm, which can work out to £30 per month. But Labrador customers have found that participating in our Paid to Save campaign can be worth up to £141 per month. It couldn’t be simpler to get involved - there are no times to be careful about, no need to submit any information to us. Just sign up and we can track any savings in any given month via the information your energy supplier bills you against. And in addition to the savings on your bill, we pay you cash! Free to participate, no penalties for not saving anything, fine to save one month and not the next. Sign up today

And yes, to make everyone feel better, the personalised projection above is mine… courtesy of a rented property with a hot water leak over several months…. So fingers crosses my future usage does not match my historical usage!!!!