Don't miss this date for an energy reading
Put Friday 30th September 2022 in your calendar to submit a meter reading to your energy supplier, in order to avoid being overcharged on your bill!
We find ourselves once again facing another energy price cap hike set by Ofgem. This is a twice-yearly review from the energy regulator, and earlier this year in April 2022, the cap increased by 54%, an increase to the average household bill of around £700 extra per year. The next price review kicks in from October 1st 2022, so less than a month from now.
This time, however, the price cap is increasing by a staggering 80 percent, the exact figure rising from £1,971 to £3,549 per year based on a typical household usage. This will be difficult to swallow for a large number of consumers.
This means that if you are on a standard variable tariff, your bills are likely to become more expensive (if you are on a fixed-rate contract, then your tariff will not be able to increase until the end of your fixed term). It's important to note that the energy price cap isn’t an absolute cap on bills, but it’s instead a cap on the rates a supplier can charge for each unit of gas and electricity used.
Just like we did in April, we have a useful tip to recommend in order to help save the pennies where possible, as every little bit helps during the current period of severe inflation we are all experiencing.
Don't forget to submit your meter read before the price goes up
Submitting energy meter readings is a task very easily forgotten about, with many people going months without updating their supplier with accurate readings. If there’s ever a crucial time to submit energy meter readings, it’s Friday 30th September 2022. ?? By submitting a reading on this date, you tell your provider exactly how much energy you’ve used before the price increase, and you won’t be charged extra for this energy once the tariffs go up.
When energy suppliers don’t have up-to-date readings, they create their own estimate readings – these are then used to charge you when accurate readings aren’t provided. If a reading isn’t provided on Friday 30th September, then they would have to estimate how much energy was used before the price rise, and there’s no guarantee that this estimate (and therefore your bill) won’t be higher than it should be.
If you take regular readings then this could save you a little bit of extra cash – if you haven’t submitted a reading in a long time then this could be vital in ensuring you avoid a much larger unwelcome overcharge.
Make it a habit
In the long run, you should send regular meter readings to your energy supplier (unless of course, you have a smart meter, which does this for you automatically). Once a month is usually enough for accurate billing. This can prevent hefty bills coming in later down the line if your estimated bills end up being far lower than your actual usage, and the last thing you want when moving out is to be in significant debt to your energy provider!
If you need more information or advice on managing your energy bills as prices continue to rise, you can find lots of useful content on Martin Lewis’ website here: https://www.moneysavingexpert.com/energy/