Households are being advised to submit their meter reading before the upcoming price cap change in order to avoid potential higher estimated bills. This move will help draw a clear line under their energy usage at the higher rate.
Around 27 million homes in England, Scotland, and Wales can expect a slight decrease in their energy costs during the summer. This drop comes after Ofgem, the regulator, lowered the cap on a typical annual dual-fuel tariff to £2,074 per year. The government’s energy price guarantee originally set the cap at £2,500 per year.
Renowned consumer champion Martin Lewis is urging people to take meter readings over the weekend to ensure their energy supplier does not estimate their energy usage. By providing an accurate meter reading, households can avoid potential discrepancies in their bills.
To further ensure accuracy, Lewis suggests taking a photo of the meter reading as a backup measure in case the reading cannot be immediately submitted to the energy provider.
The lowered price cap brings some relief after experiencing a year of rising living costs. Unfortunately, those who struggled to pay their bills over the winter will not experience the full benefit as government top-ups worth £400 have ended. However, this reduction in the energy price cap could spark a resurgence in switching between suppliers as competitive fixed deals become more prevalent.
Despite the lower costs typically associated with summer, it is essential for households to remain vigilant about their energy usage since household energy costs still remain high. Ben Gallizzi, an energy expert at Uswitch, emphasizes the importance of regular meter readings and monitoring direct debit amounts. He also encourages people to stay informed about the energy market and sign up for alerts regarding fixed-tariff deals. Since deals are being offered for shorter periods and to limited customers, proactive engagement is necessary to secure a fixed deal and ensure certainty in energy bills.
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