Martin Lewis has shared a new energy price cap tool that gives users an estimate of how much they can expect to pay when the new cap comes into effect in October.
Energy regulator Ofgem has confirmed that the price cap will soar 80 per cent in October to £3,549 a year, meaning households across Scotland will be paying significantly more for their energy use.
Average bills will rise from by £1,578 from £1,971 when the new energy price cap comes into effect on October 1. It is also set to rise again in January.
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MoneySavingExpert founder Martin Lewis took to Twitter on Friday morning to share a tool that will help households get an idea of how much their bills are set to rise by.
The financial expert tweeted: "New MSE price cap rise calculator. Please share. As the cap is both regional, and based on standing charge and unit rates.
"We've built a calculator to ESTIMATE your personal increase - the team has just finished plugging in the data, so it's now live."
Lewis shared a link to a MoneySavingExpert website page that includes the tool. The website states that the calculator is an "estimator" and that it is "impossible to be 100 per cent accurate".
To use the calculator, you need to input either your annual gas and electricity use in kWh per year, or your monthly gas and electricity spend. You also need to input which region of the UK you live in.
The tool will then provide an estimate of how much your energy bills are set to rise once the new price cap comes into effect on October 1.
You can access the MoneySavingExpert energy bill calculator here.
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