Energy bill calculator: How much will your bills increase in January?

The price people pay for gas and electricity is set to rise in January – use our energy bill calculator to find out your future monthly bill.

Ofgem has announced a new price cap of £1,928 a year for the typical home which will come into force from January 1.

This is a £94, or 5.1%, increase from the current price cap of £1,834.

Ofgem said the rise in bills would be “worrying” at a difficult time for many people, but was the result of higher wholesale costs faced by suppliers.

Analysts have predicted that prices will fall back in March.

Ofgem’s price cap is updated every three months and reflects changes in wholesale prices paid by energy suppliers.

How our energy bill calculator works

Energy bills are expressed in terms of a typical house. But people’s bills vary dramatically depending on the size of their property and energy use.

Currently most energy providers set their rates similar to the Ofgem price cap. If you are on a flexible tariff your bills should increase in January.

Based on your current monthly cost The Press and Journal energy bill calculator predicts what your monthly bills could be from January 2024.