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    Home/News/Energy price cap: what you need to know

    Energy price cap: what you need to know

    about 3 years ago
    Lifestyle
    Energy price cap: what you need to know

    For many of us, three little words have become the focus of our finances: energy price cap. Only a few months ago, we would have glazed over at the mention of unit prices, standing charges and kilowatt-hours but now, almost every household has a new interest in energy costs, and rightly so. This guide to the current energy situation answers many of the most commonly-asked questions and features advice for confused households.  

    What is the energy price cap?

    The price cap sets out the maximum amount that can be charged per unit of gas and electricity, and it caps the daily standing charge too. The cap was introduced in 2019 to stop consumers on variable tariffs from being ripped off. It’s worth noting that the price cap pertains to the cost of a unit of energy and an average consumption – there’s no upper limit to how much a household can be billed. If you use more energy than the average family, you’ll pay more. 

    The energy price cap isn’t a fixed figure either and it has been rising since October 2021. The cap reflects what suppliers pay for energy on the wholesale market and the cost of supplying the energy to our homes, plus it covers the profit the energy supplier can make.

    Does the energy price cap apply to me?

    The energy price cap applies to consumers on a supplier’s standard variable tariff (SVT).

    Those on a fixed-rate tariff will continue paying their current energy prices until their fixed-term expires. If the consumer doesn’t fix in again, they’ll automatically be moved to the SVT. Households most likely to be on a SVT include those who have never switched tariffs or suppliers, those who were with a supplier that went bust and those who changed supplier when they moved home.

    Why is the energy price cap rising?

    Global wholesale gas prices have been rising for some time now, with costs soaring as the world returned to relative normal after the Covid pandemic. The situation has been made worse as one of our main energy producers, Russia, is beginning to switch off gas supplies to Europe. Between 1st October 2021 and 21st March 2022, the cap rose just 12%. On 1st October 2022, the increase will be 80%, illustrating how much more expensive energy is to buy.

    How much is the energy price cap now?

    As of 26th August 2022, the energy price cap stands at £1,971. From 1st October 2022, the cap will rise to £3,549 per year. This is based on a dual fuel deal for an average household who pay their bills via direct debit. 

    Will it rise again soon?

    Ofgem have warned that the cap will probably increase again in 2023 as the energy market looks set to remain volatile. It’s estimated that the cap will rise another 50% in January 2023, to £5,387.

    Should I opt for a fixed deal now?

    Many households like a fixed deal tariff as it guarantees how much they can be charged for each unit of energy. A fixed deal has traditionally been much cheaper than a supplier’s SVT but all that has changed. Currently there are no fixed deals that are cheaper than the energy price cap and the advice is not to switch to a fixed product without careful consideration.

    The fixed deals that do exist involve the bill payer taking a risk that the fixed price they are offered becomes cheaper than the energy price cap by the time the cap rises take full effect. As many cap rises are just predictions at this stage, no one can guarantee today’s fixed deals will save a household money.

    Should I stop my monthly direct debit?

    It’s worth noting that there are energy price cap variations according to how you pay. It favours those who pay by monthly direct debit, as suppliers consider this to be the most straightforward transaction and, therefore, energy is cheaper to supply to those with a monthly direct debit.

    The cost to supply energy to those on prepayment meters and those who pay by cash, cheque and quarterly direct debit is higher, due to increased admin and maintenance. As an illustration, money saving expert Martin Lewis calculates it will cost £251 more a year for households who stop paying by monthly direct debit. 

    Is there any help with energy bills available?

    Almost every household will receive a discount of £400 off their energy bills this coming winter. The Government-funded Energy Bills Support Scheme will be actioned by the energy suppliers and will see energy bills automatically reduced by £66 per month in October and November 2022, and by £67 between December 2022 and March 2023. Citizens Advice has a useful list of other energy bill rebates, benefits and vouchers available to qualifying households and bill payers.

    Are there any good energy saving tips?

    With a lack of clear cut, money-saving fixed deals, the best way to save money is to use less gas and electricity. MoneySavingExpert.com regularly updates its energy saving advice and its tips are a sensible place to start.

    Looking at the bigger picture, living in a property with a good EPC rating will save you money on your energy bills. If you’d like to move to a more energy efficient property, please contact us for a list of available properties.

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    5 Home Office Features That Attract Tenants in Cardiff & South Wales

    5 Home Office Features That Attract Tenants in Cardiff & South Wales

    Published 4 days ago

    As more professionals embrace remote and hybrid working, demand for well-designed home office spaces is on the rise. Whether you're a landlord in Cardiff or across South Wales, understanding what makes a great home office can help boost your property's appeal, reduce void periods, and attract quality long-term tenants.

    At RedKey, your local Cardiff and Newport property experts, we know how to position your rental to meet modern tenant expectations. Here are five key features that make a home office truly desirable — and how you can use them to your advantage.


    1. 🌞 Natural Light: A Must-Have for Productivity

    Tenants value properties with plenty of natural light, and this is especially important in a home office. Natural light not only boosts productivity but is also linked to better sleep, improved mood, and fewer headaches.

    ✅ Top Tip for Landlords:
    If your rental’s home office has limited light, use mirrors to reflect brightness, opt for light-coloured furniture, and choose pale window dressings that let the sun in. Small changes can make a big impact when staging.


    2. 🪑 A Comfortable Desk Setup with Adequate Space

    Remote workers spend hours at their desks, so comfort and functionality matter. A desk cramped against the wall may look space-saving, but it lacks practicality.

    ✅ Top Tip for Landlords:
    If space allows, pull the desk away from the wall to give the illusion of more room and improve comfort. Legroom is a key feature tenants now look for in Cardiff rental homes with workspaces.


    3. 🌿 Plants: The Green Boost Tenants Love

    Adding plants to a home office doesn’t just improve the aesthetics — it also boosts health and wellbeing. Studies show greenery can reduce stress, improve air quality, and increase focus and happiness.

    ✅ Top Tip for Landlords:
    When staging your Cardiff rental, place low-maintenance plants or high-quality faux greenery in the office. It adds instant charm without requiring tenant upkeep.


    4. 📦 Smart Storage Solutions for a Clutter-Free Office

    Clutter is a productivity killer, and tenants want tidy, organised workspaces. Office essentials like chargers, stationery, and documents quickly pile up without the right storage.

    ✅ Top Tip for Landlords:
    Install floating shelves, built-in cabinets, or stylish storage baskets to help tenants keep the space organised. Highlight these features in your rental listing for extra appeal.


    5. 🎨 Neutral Wall Colours That Encourage Focus

    Wall colour plays a huge role in a home office environment. While tenants may personalise later, neutral shades are universally appealing and help stage the space in a way that feels calm and professional.

    ✅ Top Tip for Landlords:
    Stick to pale greens, cool blues, light greys, or off-whites. These tones help promote focus and relaxation — exactly what remote workers need.


    🎯 Why Cardiff Landlords Should Care About Home Offices

    With more tenants than ever working from home at least part-time, the home office has become a major selling point. Properties that include a functional and attractive office space stand out in the competitive Cardiff rental market.

    By making just a few simple upgrades, landlords can:

    • Increase rental appeal

    • Reduce void periods

    • Attract high-quality, long-term tenants

    • Enhance rental value


    📞 Need Help Staging Your Cardiff Rental Property?

    At RedKey, we specialise in property management and marketing in Cardiff and South Wales. We know exactly what tenants are looking for and can help you present your property at its very best — including highlighting work-from-home features that drive results.

    👉 Get in touch today for expert advice on staging, letting, or managing your rental property:
    📞 Call 02920 090690 / 03333 447850
    📧 Email
    hello@redkeylets.co.uk

    Let us help you turn your rental into a high-demand property in the Cardiff rental market.


    #CardiffLandlordTips #HomeOfficeCardiff #CardiffRentalMarket #RemoteWorkReady #CardiffLettings #SouthWalesProperty #LandlordAdvice #RedKeyPropertyExperts

    As more professionals embrace remote and hybrid working, demand for well-designed home office spaces is on the rise.

    Read More
    Bookscaping: the paper-based way to boost your home’s appeal

    Bookscaping: the paper-based way to boost your home’s appeal

    Published 15 days ago

    Over the years there have been a number of ‘light touches’ touted as a way to impress potential property buyers. The aroma of freshly baked bread and brewing coffee? Great for making your property feel homely and masking less attractive whiffs. A neatly-folded pile of clean, fluffy towels in the bathroom? An easy way to give off five-star hotel vibes. Fresh flowers and a fully-stocked fruit bowl? They draw attention away from less desirable areas and add colour to a drab space.

    Read More
    6 Living Room Styling Tips for Landlords in Newport & Cardiff to Maximise Rental Appeal

    6 Living Room Styling Tips for Landlords in Newport & Cardiff to Maximise Rental Appeal

    Published 19 days ago

    For landlords in Newport and Cardiff, the living room is arguably the most crucial space when it comes to attracting quality tenants and maximising your rental income.

    It’s likely to be the room where you spend most of your time, the room where you spend time entertaining guests, and it’s probably the first room that people see when they walk into your home.

    Read More

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