Energy bills are predicted to finally decrease, and people are being urged to take meter readings in the upcoming days to ensure accurate billing. This reminder comes ahead of the impending changes to the energy price cap.
Regulators Ofgem determine the price cap, which dictates the maximum amount that a typical household pays for gas and electricity.
Starting from Saturday, July 1st until September 30th, the price cap will be adjusted. As a result, the typical energy bill will reduce to an annual equivalent of £2,074, representing a 17% decrease compared to the current cap of £2,500 under the government’s energy price guarantee.
As energy prices are set to fall after years of continuous increases, it is crucial to take action and record your meter reading shortly after the change. This will ensure that you are not charged more than necessary.
IT’S METER READING WEEK! Prices fall an avg 17% across Eng, Scot & Wal this Sat as the price cap drops (more for higher users who have gas, less for lower elec only users)
Got working smart/prepay meter? You NEEDN’T do a meter reading
Pay by direct debit? Submit a reading. With… pic.twitter.com/Nve5MVs5Ev
— Martin Lewis (@MartinSLewis) June 26, 2023
Martin Lewis, founder of MoneySavingExpert, took to Twitter to explain the changes that will primarily impact those who pay through direct debit, as energy companies estimate their usage and assign it to specific periods. While these estimates can sometimes work in your favour, they may also result in higher gas and electricity prices.
By submitting a meter reading within a few days of the price cap adjustment, you can minimise the risk of being overcharged.
To maximise your chances of accurate billing, Mr. Lewis recommends taking a reading a few days before or after Saturday, July 1st. It is advisable to take a picture of your meter reading for added certainty.
Customers who have smart meters or prepayment meters in working order do not need to take a meter reading during this week.
