You are here: Home - Household Bills - News -

Submit your energy meter reading TODAY before 1 October price cap change

Written by:
The energy price guarantee will curb bills from 1 October for the next two years. But it's vital to submit a meter reading ahead of then.

Worried families breathed a sigh of relief as the government stepped in to curtail soaring energy bills with the announcement of the energy price guarantee.

For the next two winters, average energy bills will stand at £2,500 a year, shaving £1,000 off the typical energy bill for the 24 million people on default tariffs.

Had the energy price guarantee not been confirmed, households were facing an 80% hike in prices from the current £1,971 (set in April) to £3,549 from 1 October 2022.

However, it’s important to know that the energy price guarantee doesn’t mean £2,500 is the maximum you’ll pay. It caps the unit rate and standing charge so your bills may be higher or lower than this headline, average rate as it will be based on your usage.

Important to submit meter readings

Another important point to note is that even though energy prices won’t rise as much as initially announced by the industry regulator Ofgem, households without a smart meter should note down their energy readings.

Sarah Broomfield, energy expert at comparison site, said: “Although the energy price guarantee has averted bills from soaring as much as was feared, it’s important to remember that rates are still increasing.

“If you do not have a smart meter, it is worth submitting your meter readings on or just before 30 September. This will ensure your bills are accurate, and that all your energy use from recent months is calculated under the old rates rather than under the new October charges.”

Broomfield added: “Regularly submitting meter readings to your supplier is a good habit to get into, and will help ensure your bills are accurate.

“If you have a smart meter, your readings will be sent to your supplier automatically.”

And for anyone thinking about providing false or inflated readings to benefit from the lower, pre-guarantee rates, Martin Lewis, founder of MoneySavingExpert previously warned “it’s fraud”.

Related: The £2,500 energy price guarantee isn’t the maximum bill you’ll pay.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Big flu jab price hikes this winter: Where’s cheapest if you can’t get a free vaccine?

Pharmacies, supermarkets and health retailers are starting to offer flu jabs ahead of the winter season, but t...

Is now the time to fix your energy deal?

Fixed energy tariffs all but disappeared during the energy crisis. But now they are back with an increasing nu...

Everything you need to know about the pension triple lock

Retirees are braced to receive another bumper state pension pay rise next year due to the triple lock mechanis...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

The best student bank accounts in 2023: Cash offers, tastecards and 0% overdrafts

A number of banks are luring in new student customers with cold hard cash this year – while others are compe...

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Money Tips of the Week