Energy bills are set to soar when the new price cap is announced on Friday - here's how you can get help with your heating bills this winter
Ofgem is poised to announce the new energy price cap on Friday, with analysts at Cornwall Insight predicting a 10 per cent increase from October 1. Their latest forecast suggests that those on the standard tariff paying by Direct Debit will see annual bills rise from £1,568 to £1,762 - an increase of £194.
Let's begin with the one that will have the most significant impact on pensioner households this winter due to changes in eligibility. To qualify for the payment, individuals must be over 66 and receiving a means-tested benefit, such as Pension Credit. Those over the State Pension age who are receiving an income-related benefit during the qualifying week of September 16-22, 2024, will automatically receive the payment - it's tax-free and won't affect other benefits.
If you're a credit customer, the £150 will be added to your electricity account. If you're on Pay As You Go or Prepayment, you'll be sent a voucher that you can use to top-up your meter.
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