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Four million customers on prepayment energy meters are expected to save around £80 a year after a price cap was announced by energy regulator Ofgem.
The temporary price cap, which comes into effect in April, was one of the measures recommended by the Competition and Market Authority after its two-year investigation of the energy market.
The levels of the cap vary for gas and electricity by meter type and region.
It will be updated every six months and is expected to stay until 2020.
That is when the roll-out of smart meters is set to be completed, which will benefit prepayment customers who have a smaller choice of tariffs available to them.
Did you know that when you move into a new home you are often put on the default price plan with your energy supplier, meaning you could be paying too much?
You can usually change gas or electricity supplier if you rent your home (including prepayment meters), although the exception would be if your landlord pays your supplier for the energy that you use.
You can potentially save £100’s by switching energy provider so it’s definitely worth comparing energy prices to get the best deal. Our colleagues at Energy Helpline can help with this, so please click the image below to compare now and potentially save up to £533!
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