Millions of households have been urged to submit energy meter readings before a 10% price hike on October 1 to avoid overpaying.
The new energy price cap will result in energy price rises of up to £149 per year, raising the average household cost to £1,717.
Households without smart meters are advised to submit readings to avoid being charged incorrectly at the higher rate.
Why do you need to give energy meter readings before October 1st?
You need to submit your meter readings before October 1st because energy prices are set to increase by 10% due to a new energy price cap.
If you don't provide updated readings, your energy supplier may estimate your usage, which could result in you being charged the higher October rates for energy used in September.
By giving an accurate meter reading, you ensure that any energy used before October 1st is billed at the lower rate, avoiding overpaying under the new higher prices.
Financial journalist and broadcaster Martin Lewis stated on his BBC podcast, The Martin Lewis Podcast: "If you top up before October 1, your meter will be told the current rates and it will not be told the new rates until you top up again so the longer you can run not topping up on or after October 1, the longer you will usually stay on the lower rate."
How much is the energy price cap rising by?
Tomorrow the energy Price Cap for Eng, Scot, Wales will mean most peoples prices will RISE 10%. I'm doing a podcast special to go into real detail on what it means, why it happens and what you should do (fix, stick, tracker?). I'd welcome ur pod question suggestions by reply...September 30, 2024
Between 1 October and 31 December 2024, the energy price cap will be set at £1,717 per year for a typical household using electricity and gas.
This is a 10% increase from the previous cap of £1,568 for July to September 2024. The cap aims to ensure fair pricing for those on standard variable tariffs, reflecting the actual energy cost.
How much could giving your energy meter readings save you?
Submitting your energy meter readings now could save you £19 a week, according to a Uswitch energy spokesperson.
Ben Gallizzi, from Uswitch said switching is "vital" in order to give suppliers "an updated – and accurate – view of their account".
He also provided further energy-saving tips by advising customers to make submitting energy meter readings "a monthly habit for billing accuracy" so as not to pay the higher rates and not to avoid this pitfall in future months.
