Ofgem is lowering its energy price cap by 17 per cent from the current £3,280 per year to £2,074 for the average household in Scotland, England and Wales from July. The regulator announced its latest energy price cap last month, however, consumers are likely to feel little relief with bills remaining well above pre-pandemic levels.
Energy bills are expected to remain stubbornly high through the coming winter, at almost double the rates paid in 2020, and remain above pre-pandemic levels for the rest of the decade. The lower cap will replace the UK Government’s Energy Price Guarantee from July 1, which currently limits the typical household energy bill to around £2,500 and means the average household on typical usage will see their annual bill drop by £426.
But, with all that said, running household appliances will get cheaper from July. Experts at Forbes Advisor have looked at the average running cost for essential and luxury household appliances, including air fryers, lawnmowers, TVs, fridges, and hot tubs, to give people an idea of how much the costs will come down over the summer.
Typical running costs from July 1
- Hot Tub: £1.20 (from £1.30)
- Peloton: £0.02 (no change)
- Electric car: £16.80 (from £19.04)
- 75 inch LCD TV: £0.21 (from £0.24)
- 32 inch LCD TV: £0.18 (from £0.21)
- Fridge: £2.16 (from £2.450
- Radiator/Heating (gas) : £12.00 (from £15.00)
- Air Fryer: £0.45 (from £0.51)
- Electric oven (fan assisted): £0.75 (from £0.85)
- Electric oven: £0.63 (from £0.71)
- Electric Hob: £0.30 (from £0.34)
- Slow cooker: £0.39 (from £0.44)
- Gas Hob: £0.06 (from £0.08)
- Microwave: £0.08 (from £0.09)
- Lawnmower: £0.15 (from £0.17)
- Dishwasher: £0.81 (from £0.92)
- Washing machine: £0.63 (from £0.71)
- Tumble Dryer: £0.90 (from £1.02)
- Hairdryer: £0.27 (from £0.31)
- Vacuum cleaner: £0.21 (from £0.24)
- Games console: £0.24 (from £0.27)
- Iron: £01.7 (from £0.19)
- Laptop: £0.11 (from £0.12)
- WiFi router: £0.04 (no change)
- Full kettle: £0.23 (from £0.26)
- Electric blanket: £0.18 (from £0.20)
- Plug-in electric heater: £2,70 (from £3.06)
Commenting on the upcoming energy price cap drop, Kevin Pratt, energy expert at Forbes Advisor, said: “Households should see bills come down, although for those paying by direct debit, this could take a little longer to filter through as they will have to adjust down their monthly payments.
“The reduction of prepay costs to match direct debit arrears payments from July is also a positive move. And we may even see the reemergence of an energy tariff switching market, which will stimulate competition and should push prices down further.
“But, it’s only good news in the sense that it’s less bad than it was previously - and energy prices remain painfully high. What’s worse is the grim conclusion that prices are unlikely ever to fall back to where they were before the invasion of Ukraine precipitated the current situation, government action to overhaul the UK’s energy market, including securing supplies and boosting storage capacity, can’t come soon enough.”
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