Water bills will rise by an average of 26 percent from April 1, according to figures published by the industry body Water UK on Thursday.
This mean customers' annual bills will go up from £480 last year to £603, an increase of £123 or around £10 a month.
Southern Water customers will see the highest average rise at 47 percent, a £224 increase per year. Hafren Dyfdwy and South West Water will both see rises of 32 percent, followed by Thames Water (31 percent), and Yorkshire Water (31 percent).
Only Bristol Water will see a single-digit increase (4 percent), with Sutton and East Surrey Water customers being the only consumers in England and Wales to see their water prices go down (by 2 percent).
Other factors can influence a household's water bill, such as how much water they use and whether their water is metered.
The bill rises will fund investment across fresh water, waste, and environmental projects across England and Wales.
Water UK said in 2025/2026 alone, water companies will invest a record £20 billion in projects, "the highest amount ever in a single year and more than double last year."
This includes funding the construction of nine new reservoirs, nine new water transfer schemes, upgrading the capacity of 1,700 wastewater treatment works, and protecting more than 15,000 kilometres (9,320 miles) of rivers across England and Wales.
"This is why water companies are more than doubling the level of financial support for customers with £4.1 billion to be made available over the next five years."
Water UK said that some 3 million households will be able to access reduced bills and other forms of financial support.
Some 25 percent of those surveyed who have a water meter have said they have cut back on what they consider "essential water usage" owing to affordability concerns.
CCW Chief Executive Mike Keil said: "These rises are the largest we've seen since privatisation and will heap considerable pressure on millions of customers who are already having to make difficult choices. Customers want to see investment in improving services and cleaning up our rivers but that can't come at an unbearable cost to struggling households."
TV licences will get more expensive from April, going up from £169.50 for a colour set to £174.50, after the government approved a 2.9 percent rise in line with inflation.