The energy price cap has fallen again, as of today. This means cheaper gas and electricity bills for many households across the UK, saving many family hundreds across the year.Price cap falls by 7% – saving families £122 per year The energy price cap, which is set by the UK's energy watchdog Ofgem four times a year has dropped.Ofgem announced this drop back in May, with the drop meaning the average dual fuel family paying by direct debit would pay around £122 less across the year.
It affects the per unit cost of energy as well as the daily standing charge – this means your bills can go up or down when the energy price cap changes. The cap itself is a limit on how much companies can charge for the unit price not the overall bill. This means that you price can still go up if you use more energy.