Oh wonderful – it’s energy price cap time and it’s dropping.
The amount that an average household is expected to pay for its energy bills will fall by around £151 per year from October 1st.
Ofgem’s next price cap will drop to around £1,923 – now, this isn’t a cap on the overall amount people will pay for their energy, instead, it caps the amount that they pay per kilowatt hour, or unit, of gas and electricity.
If you’re one of the UK’s 29 million households that are on standard variable tariffs, you’ll be subject to the price cap.
However, one energy expert is urging us to do one simple thing before the price cap on October 1 to ensure you’re getting the cheapest energy bill possible.
Les Roberts, energy comparison expert at Bionic, advises: “As bills remain high due to the ongoing cost of living crisis, the good news is that energy rates are slightly dropping from October.
“With the change in the energy cap, it’s vital that those without smart meters follow steps to unlock lower bills.
“On October 1st, it’s important that those without a smart meter take a meter reading. This is when the energy price cap change comes into effect and this will result in your bills changing.”
As Roberts explains, by submitting a reading before the price cap change, it means you are charged the correct amount for exactly how much energy you are using, meaning you know exactly how much you owe and ensures you aren’t overcharged.
The result? More money in your pocket every month.
“Submitting meter readings is a good habit to get into, and submitting them monthly ensures that your bills are correct, regardless of which tariff you are on. Ultimately, the price you pay is determined by how much the energy supplier thinks you are using, so letting them know stops any random guesses and ensures you only pay for what you use,” he adds.
If you do spot mistakes from your meter readings to what is on your bills, you can then flag this with your supplier as well. If they don’t correct this based on the evidence you have, you can also refer your case to the Energy Ombudsman who will work with the supplier and yourself to resolve the complaint.