Gov't: Average domestic energy use to cost £2,840 a year in Isle of Man

According to the government - average domestic energy use currently costs £2,840 a year on the Isle of Man.

In a statement, the Treasury says it's released the information 'to assist residents in understanding their position in light of the UK energy cap.'

Today in the UK - the energy regulator announced an eye-watering 80-percent rise in the price cap for October.

It means the average annual bill will leap to £3,500 - prompting fears millions will be plunged into poverty - equating to Britons paying £660 more, according to these figures given by the Manx government.

Figures released from the Treasury say the average electricity costs on Island stands at £840 - with Manx Utilities estimating the average household uses 3,300KWh.

Following Government intervention, a price freeze will remain in place till the end of March 2023 (22p per unit).

Officials say this equates to an average of £70 a month across a whole year, although more electricity is likely to be used during winter.

Meanwhile, it's estimated Gas costs £2,000 - which works out at £166 a month.

Manx Gas advises average domestic usage (8,500kWh) in the Isle of Man would lead to an annual cost - using pricing coming into effect on September 1 - of around £2,000.