Every 3 months the Energy Price Cap changes
If you're on a variable tariff your unit rates will change in line with the price cap every 3 months. We will also take this time to review your Direct Debits to make sure your monthly payments are covering your usage.
Your guide to the Energy Price Cap
April Price Cap: What happens now?
We’ll get in touch with you by email or by letter before to let you know any changes to what you will be paying and what your options are. It’s up to you what you choose to do next.
Your Direct Debit may need to change.
When there is a price increase, we’ll get in touch with you with as much notice as possible before there are any changes to your payments and let you know what your options are.
How we review your Direct Debits.
We periodically review your payments to check you’re not paying too much or too little. Your first payment is calculated by asking you how much energy you'll use in a year (read more about how your first payment is calculated). However, few things in life go exactly to plan, and your energy usage is no different! If you're using more or less than we first planned, we will change your payments to match.
The more you use, the more you'll pay.
The price cap sets a limit on the unit rates and standing charges on our variable standard tariff (currently known as So Flex). It is not a cap on your total energy costs. It doesn't mean your bill will be capped, so watch your usage.
A fixed price tariff may be the answer.
The price of wholesale energy - the energy that we buy to supply your home - is prone to fluctuation. Our So Energy trading team has lots of insight into when wholesale energy prices are expected to increase or decrease. If there’s a fixed tariff that we think will benefit you, we’ll update your online account with your options, it’s up to you what you do.
A short summary of the Price Cap
Ofgem's price cap: The energy regulator, Ofgem, limits how much suppliers can charge customers on a Standard Variable Tariff (such as So Flex) to reflect changes in the wholesale energy market. This is set in arrears every 3 months. The October price cap: Each quarter Ofgem sets out its energy prices, with October 1st being the next change. A typical customer will pay £1,923 with the new price cap. Remember, that £1,923 isn't a cap on how much your annual bills will be; the more energy you use, the more you'll pay
What to do if you are struggling to pay
We know that it’s not always easy to keep up with bills, and if you do find yourself struggling, get in touch and we can discuss ways in which we can help. It's best to have an up to date meter reading ready when you contact us.
Four things to check before July
No smart meter? Submit your meter readings
Ensure your Direct Debit covers your usage
Pick between a variable or fixed tariff
Let us know if you're struggling to pay and need help
Learn more on our blog
Energy Prices Are Decreasing This April
Ofgem has recently announced that it will be decreasing the next energy Price Cap from £1,928 to £1,690. This means that from 1 April, electricity and gas customer's So Flex and So Flex Green variable tariff rates will change to reflect this. For an average household paying by direct debit for dual fuel, this equates to a decrease of £238 over a year - approximately £20 a month. Here’s a quick refresher on everything you need to know.
Everything You Need To Know About Your Energy For October 2023
Ofgem's price cap: The energy regulator, Ofgem, limits how much suppliers can charge customers on a Standard Variable Tariff (such as So Flex) to reflect changes in the wholesale energy market. This is set in arrears every 3 months. The October price cap: Each quarter Ofgem sets out its energy prices, with October 1st being the next change. A typical customer will pay £1,923 with the new price cap. Remember, that £1,923 isn't a cap on how much your annual bills will be; the more energy you use, the more you'll pay
Protect Yourself From Rising Prices With A Fixed Rate Tariff
We understand that energy costs can be a concern for many households, and we want to help you make informed decisions to manage your energy expenses effectively. In this blog post, we'll explore the benefits of switching to a fixed rate tariff. According to Cornwall Insights, the energy price cap will likely rise in 2024, so now could be the time to lock in a rate that provides stability and peace of mind.
Fixed Price Tariff vs Standard Variable Tariff: Which is best for you?
It’s important to understand what energy tariffs are and how to choose what’s best for you. In this blog, we take you through what types of tariffs there are and other considerations to take on board before deciding.
What We're Doing For You
At So Energy we’re committed to instilling a sense of community with how we operate as a business. We’re committed to going further as a business, both how we operate internally and how we support our customers. In this blog we’ll explain some of the ways we’re acting with community at the heart of what we do.
Support For Our Customers
Here at So Energy we speak to our customers every day about supporting them through the energy crisis. With winter fast approaching, we wanted to set out all the support you can access if you are struggling.
Get a smart meter
If you have a smart meter that is already sending us readings, you don’t need to submit meter readings when 1 July approaches - we’ll get the readings automatically.
If you don’t have a smart meter, book an appointment today.