July Price Cap Change 2024: What You Need to Know
Published date: June 2024
Here at Your Co-op Energy, we understand that the rising cost of living is a concern for many of our customers. That's why we're committed to keeping you informed about changes that could affect your energy bills and offering transparent plans that put you in control.
Here you can find out all there is to know about the upcoming July price cap change and what it means for you.
What is the July 2024 price cap?
The price cap is a limit set by the government on the amount that energy suppliers can charge customers for their variable tariffs. It's designed to protect customers from being overcharged.
What's changing in July?
The price cap is due to decrease from a likely maximum of £1,690 to £1,568 a year for a typical UK household, starting July 1st, 2024. This is good news for energy customers on a variable rate tariff, as it means that their bills will be a little bit lower.
What does this mean for me?
If you're on a variable tariff, your energy bills will automatically decrease in July. However, it's important to note that this is just an estimate, and your actual bill may vary depending on your energy usage.
How can I save money on my energy bills?
There are a number of things you can do to save money on your energy bills, such as:
- Switching to a fixed-rate tariff with Your Co-op Energy: This can help you lock in a lower rate and protect yourself from future price rises, especially if you think energy prices might go up again in the winter. Here at Your Co-op Energy, the advantage is even greater – unlike most other suppliers, we have no exit fees on our fixed-rate tariffs. That means you can switch to a fixed-rate or variable-rate plan with complete peace of mind, knowing you can leave at any time without penalty if your circumstances change.
- Reducing your energy consumption: There are a number of ways to do this, such as turning off lights and appliances when you're not using them, and more effectively insulating your home.
- Shopping around for the best deals: There are a number of energy providers but be sure to factor in exit fees when comparing prices and renewable energy when thinking about the planet. With Your Co-op Energy's no exit fees guarantee, you can choose our great value tariff with confidence and lower your carbon footprint.
Summary of July's price cap changes
- The Ofgem price cap will be lowered for UK homes from £1,690 to £1,568.
- Your Co-op Energy is cutting prices from July 1: around £122 a year for a typical home on our variable-rate tariff.
- For over 3 years our standing charges have been cheaper than any large supplier and will continue to be so.
- If you’d like to protect your rates from future changes, we offer a 12-month fixed tariff with no exit fees and 100% renewable energy.
- We’ll keep an eye on your account balance and suggest a change to your payments if it looks like you’re paying too much or too little.
Does the July price cap impact those without a smart meter and on a variable tariff?
If you’re on a variable tariff and don’t have a smart meter, you can still make use of the lowered price cap by submitting a new meter reading when the new cap is active on July 1st. This will ensure that the price you are paying is as fair and accurate as possible with the market, but if we feel you’re paying too much for your energy usage we will also be in touch.
At Your Co-op Energy, we provide a cost-effective fixed-rate tariff, variable tariff, and Community Power tariff, all with the added benefit of no exit fees and 100% renewable energy.
Leave us your comment
You need to login to submit a comment. Please click here to log in or register.