Energy bills are going to drop from July as the government’s Energy Price Guarantee expires and Ofgem’s new cap comes into effect.
The drop to its energy price cap from the current £3,280 per year to £2,074 for the average household in England, Wales and Scotland and will come in on July 1.
It is hoped that the typical annual bill will fall by around £426, but campaigners are urging people to take meter readings by Friday to take full advantage of the drop.
Why should you take a meter reading before the price drop?
By taking your meter reading on Friday, June 30, it will prevent energy providers from determining bill prices that aren’t accurate to your usage.
Even though prices are dropping, an up-to-date and accurate reading will ensure that you don’t pay more than you should.
Also, in the case of disputing a bill, it is key that you can provide an accurate reading.
If a reading is lower than what your provider estimated, you can ask them to lower your monthly direct debit.
MoneySavingExpert.com founder Martin Lewis is among those urging consumers to check their meter readings.
He also added that a firm could estimate at a lower price of usage and the discrepancy could go in the consumers favour – but advised that taking a reading is the best way to eliminate the risk of it going against you.
The Energy Price Cap does not limit how much you can be charged for energy, you still pay for what you use, but it caps how much you can be charged per unit by your supplier.
How do you submit your meter reading?
There may be a high call volumes and website traffic as customers look to submit their readings ahead of the price drop on July 1.
Suppliers offer numerous channels including text, email, apps and online account submissions, but these may vary.
If you’re not able to reach the energy company, take a clearly visible photo of your meter reading and meter serial number and submit it as soon as you are able.
Most companies will be able to back date your meter reading and you should be charged at the rate you submitted at.
Smart meters are different to standard meters and normally send readings to your supplier automatically.