Energy bills are expected to decrease starting from July 1st due to the implementation of the new energy price cap by Ofgem. The average household can anticipate an annual bill of £2,074 under the revised price cap. To assist you in preparing for this change, we have gathered advice from experts. Here are five essential steps to take:
1. Ensure your meter readings are up to date and submit a reading on July 1st. If you do not possess a smart meter, it is crucial to regularly take readings and share them with your supplier. This will guarantee that your bill accurately reflects your usage, and it will enable your supplier to adjust your direct debit accordingly. Submitting a meter reading on or around July 1st will guarantee that you are charged the correct amount for your gas and electricity consumption.
2. Review your monthly direct debit payments to ensure they align with your actual usage. If they do not, inform your energy provider immediately. This will prevent you from overpaying or underpaying for your energy. If you find that you have excess credit in your account after a recent review, you have the right to request a refund from your supplier.
3. Keep track of your energy usage. Although energy bills typically decrease during the summer, energy costs remain high. Therefore, it is still important to monitor how much energy you are using. Consider utilizing the Utrack mobile app from Uswitch.com, a free tool that provides insights into energy spending and offers tips on reducing bills.
4. Stay informed about fixed tariff announcements. The energy market is unpredictable, and suppliers are beginning to offer fixed deals. However, these deals are often only available for a limited time and to a limited number of customers. By signing up for alerts, you can be notified when fixed tariff deals are launched and decide whether to switch. It is worth noting that if the energy price cap continues to decline, fixed tariff deals may end up being more expensive than the default tariff.
5. Determine if you qualify for energy support schemes or grants. Depending on your circumstances, you may be eligible for assistance with your energy bills. The government’s Warm Home Discount scheme provides a £150 benefit to those in need during the winter. Additionally, local councils offer support through the Household Support Fund. If you are struggling to pay your energy bill, do not hesitate to contact your supplier. Many suppliers have customer support funds and may also provide assistance with home insulation and energy-efficient appliances.
Energy expert Ben Gallizzi from Uswitch highlights the importance of staying vigilant despite the decrease in the price cap. He advises regular meter readings, monitoring direct debit levels, and staying informed about the energy market, particularly fixed deals. Taking proactive measures can help households secure certainty over their energy bills.
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