How much will my costs rise now that the energy price cap is in effect?
The new energy price cap went into effect Wednesday, prompting households around the country to snap their metre readings.
The new cap implies that the average UK household will spend roughly £2500 per year on energy expenses. On the other hand, those who use a lot of gas and electricity will pay more.
This means that the price per kilowatt hour of electricity (kW h) for each household will jump from 28p to 34p.
Under the new price cap, gas prices will rise from 7p to 10p per kWh.
Only a year ago, gas cost 4p per kWh for users on the price cap, while electricity cost 21p.
Is it too late to submit a meter reading?
To avoid being charged at a higher rate, Ofgem advised individuals to take a picture of their energy metres and submit it to suppliers.
However, because a large number of people submitting readings caused issues for several suppliers, the regulator underlined that customers did not need to submit all of their readings on Saturday.
"If you aim to submit your metre reading by October 1, you can do so within a reasonable time," the regulator added.
The number of households in fuel poverty has increased
National Energy Action and the Food Foundation have warned that the number of homes in fuel poverty has risen from 4.5 million to 6.7 million in a year.
Dominic Watters, a single father from the south of England, told the charities that his council estate suffers from fuel and food hardship.
"The poor have been in a cost-of-living crisis long before the term was coined, and now these fuel price increases are driving us deeper into despair," Mr Watters explained to them.
"When the power goes out, I live in a state of emergency, not knowing whether I'll be able to cook, boil the kettle, wash my daughter's uniform, or even take a shower."
"For many households this winter, it may no longer be a question of heating or eating; the cost-of-living crisis and energy bill increases will see children living in homes where there is no longer that choice - they will both go hungry and be cold," said Laura Sandys, chairwoman and founder of the Food Foundation.
According to the Resolution Foundation, individuals who live in the leakiest homes would suffer the most this winter.
The increase in bills will most certainly be twice as great for people living in poorly insulated homes as for those living in energy-efficient dwellings.
Today's energy price cap is changing (PA)
How to reduce your energy use?
Many homes will seek to offset the higher costs by decreasing their energy consumption. But how do you do it, and how beneficial will it be?
Jonathan Marshall, a senior economist at the think tank, urged the government to assist consumers in reducing their energy consumption in the long run.
"While the quantity of support is greatly appreciated, millions of homes will continue to face unsustainable energy expenses."
"Families living in poorly insulated homes will incur bill hikes that are more than double that of families living in well-insulated homes this winter."
"And, while the government made the correct decision on short-term price intervention, long-term incentives to limit consumption will become increasingly crucial."
Experts also suggest there are plenty more ways to cut energy expenditures as winter approaches.
A straightforward method is to ensure that the flow temperature of your condensing gas boiler is set to its ideal level.
This will help the boiler run more efficiently, and lowering the thermostat will save you money. If done correctly, this will not diminish the heat in your home, but it should only be done if the temperature inside stays safe.
Government support to help pay for energy bills
If you're struggling to keep up with growing energy costs, the government can help.
Beginning in October, households will receive money off their energy costs in six instalments.
In October and November, a £66 rebate will be applied to energy bills, rising to £67 per month from December through March 2023.
A £650 one-time cost-of-living payment is also being offered by the government to about eight million households receiving means-tested assistance.