Energy Cost Calculator
Calculate the running cost for any electrical appliance using October 2024 price cap rates.
Quick Select Appliance:
Estimate your annual energy bills based on usage. Default values are Ofgem typical usage figures.
Compare energy costs between different appliances or heating methods.
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Ofgem Energy Price Cap History
The Ofgem energy price cap limits how much suppliers can charge for default tariffs. It's updated quarterly based on wholesale energy costs. Here's the recent history:
Jan-Mar 2024
Apr-Jun 2024
Jul-Sep 2024
Oct-Dec 2024
Understanding the Price Cap
The price cap is based on a "typical" dual-fuel household using:
- 2,700 kWh electricity per year
- 11,500 kWh gas per year
Your actual bill will differ based on your real usage. The cap limits the unit rate and standing charge - not your total bill.
Standing Charges Explained
Even if you use no energy, you'll pay standing charges of approximately:
- Electricity: £222.61/year (60.99p × 365 days)
- Gas: £115.56/year (31.66p × 365 days)
- Total: £338.17/year minimum
Common Appliance Running Costs
Based on October 2024 price cap rates (24.50p/kWh), here's what it costs to run common household appliances:
| Appliance | Power | Per Hour | Typical Daily | Annual Est. |
|---|---|---|---|---|
| Electric Heater | 2kW | 49p | £3.92 (8hrs) | £715 (winter) |
| Fridge Freezer | 150W avg | 3.7p | 89p (24hrs) | £325 |
| Washing Machine | 2.1kW | 51p | 51p (1 cycle) | £94 (3x/week) |
| Tumble Dryer | 2.5kW | 61p | 61p (1 cycle) | £112 (3x/week) |
| Electric Oven | 2kW | 49p | 49p (1hr) | £179 |
| Air Fryer | 1.5kW | 37p | 18p (30min) | £66 |
| TV (55" LED) | 100W | 2.5p | 12p (5hrs) | £45 |
| Gaming Console | 200W | 4.9p | 20p (4hrs) | £72 |
| EV Home Charger | 7kW | £1.72 | £12 (7hrs) | £624 (weekly) |
| LED Light Bulb | 10W | 0.25p | 1.2p (5hrs) | £4.50 |
Top Energy Saving Tips for UK Homes
Quick Wins (No Cost)
- Turn off standby - saves £65/year
- Reduce thermostat by 1°C - saves £145/year
- Wash clothes at 30°C - saves £34/year
- Only boil water you need - saves £13/year
- Shorter showers - saves £70/year
- Turn off lights - saves £25/year
Small Investments
- LED bulbs - £3-10 each, saves £50/year
- Smart thermostat - £150-250, saves £150/year
- Radiator reflectors - £10-20, saves £25/year
- Draught excluders - £5-20, saves £45/year
- Hot water cylinder jacket - £15, saves £45/year
- Timer plugs - £10, saves £20/year
Heat Pump vs Gas Boiler Running Costs
With current price cap rates, here's how heat pumps compare to gas boilers:
| Heating System | Efficiency | Cost per kWh Heat | Annual Cost (12,000kWh) |
|---|---|---|---|
| Gas Boiler (A-rated) | 90% | 6.9p | £830 |
| Air Source Heat Pump | 300% (COP 3) | 8.2p | £980 |
| Ground Source Heat Pump | 400% (COP 4) | 6.1p | £735 |
| Direct Electric Heating | 100% | 24.5p | £2,940 |
Energy Price Comparison
Don't stay on your supplier's default tariff! Use comparison sites to find better fixed-rate deals. Even small savings per kWh add up - 1p/kWh cheaper saves approximately £27/year on electricity alone.
Frequently Asked Questions
The Ofgem price cap is a limit on how much energy suppliers can charge for default tariffs. It sets a maximum unit rate (per kWh) and standing charge. The cap is reviewed and updated every quarter: January, April, July, and October. The October 2024 cap sets electricity at 24.50p/kWh and gas at 6.24p/kWh.
At the October 2024 price cap rate of 24.50p/kWh, a 2kW electric heater costs 49p per hour to run (2 × 24.50p). Running it for 8 hours daily costs £3.92/day, or approximately £117 per month. Over a 6-month heating season, that's around £715 - one of the most expensive ways to heat your home.
According to Ofgem, average UK household electricity usage is approximately 2,700 kWh per year for a medium-sized home. Small households (1-2 people, flat) typically use around 1,800 kWh, while larger homes (4+ people, detached) may use 4,100 kWh or more. Electric heating and EVs can significantly increase this.
Standing charges cover network maintenance costs, meter costs, and policy costs (green levies, Warm Home Discount). They increased significantly after 2022 to cover debts from failed energy suppliers and unpaid customer bills. You pay standing charges even with zero usage - approximately £338/year for dual fuel.
Microwaves are significantly cheaper for small portions. A 1kW microwave for 10 minutes costs about 4p. An electric oven at 2kW for 30 minutes costs about 25p - over 6× more. For larger meals where you need the oven anyway, the difference is less significant, but air fryers are often more efficient than traditional ovens.
The quickest wins: 1) Turn off standby (saves £65/year), 2) Reduce thermostat by 1°C (saves £145/year), 3) Switch to LED bulbs (saves £50/year), 4) Wash at 30°C (saves £34/year), 5) Only boil water you need (saves £13/year). Combined, these simple changes can save over £300/year with minimal effort.
It depends on your risk tolerance and market conditions. Fixed tariffs lock in your rate, protecting against price rises but potentially costing more if prices fall. In volatile markets, a competitive fixed deal slightly below the cap can offer stability. Always compare exit fees and check if the fixed rate is actually cheaper than the current cap.
Traditional meters: Read the numbers from left to right, ignoring red numbers. Economy 7 meters: You have two readings - day (high) and night (low). Smart meters: Press the display button to cycle through readings. Always submit regular readings to avoid estimated bills, especially before price cap changes.