It’s happening again folks: Energy prices are rising from October 1, with the Energy Price Cap going up by 10%.
From October 1, the unit rate for electricity will be 24.50p per kilowatt-hour, for a standing charge of 60.99p per day – this is the fixed daily fee you pay, even if you use no electricity.
Gas, meanwhile, clocks in at 6.24kWh and now has a standing charge of 31.66p per day.
This means 28.4million households will be paying about £149 more a year for their bills. This will be in effect from October 1 to December 31 as Ofgem announces a new cap every three months.
If you’ve got a working smart meter at home, you don’t need to do anything as it’ll be accurately giving readings to your supplier from October 1.
But for an estimated 48 million of us in the UK, (those without smart meters), Martin Lewis and the team at moneysavingexpert.com have warned there’s an important step we need to take, to avoid being charged more than we should after the price cap rises.
The expert recommends giving an up-to-date meter reading to your energy company in the coming days, in order to ‘reduce the risk that your supplier estimates that you’ve used more at the new higher rate than you have’.
However, they warn that you need to be tactical about when you do this.
If millions of people all rush to give a meter reading at the same time, this could cause a few issues — suppliers websites could crash and phone lines can become jammed, which can affect vulnerable people in need of assistance.
In order to avoid this, you can submit your readings within the next six days before October 1, or take note of your reading and submit it after the price cap rise, as some companies allow you to backdate your reading.
According to Martin, if you submit your readings within this time period, ‘any discrepancy [with your energy charges] should be minor’.
How can I lower my energy bills?
‘The price cap increase will come as a blow to many households, many of whom are already struggling with the high cost of living,’ Amy Knight, personal finance expert at the financial comparison website NerdWallet UK, told Metro.co.uk.
‘While cutting down on energy use can help save money on bills, this isn’t always an option.
‘Instead, focus on getting more value from the money you spend heating your home.’
Here are Amy’s top tips to keep fuel bills low this winter:
Consider carefully before you switch energy provider
If you’re thinking of switching energy provider, discounted rates for new customers can lead to savings. But, take note of when the introductory period ends to avoid a nasty shock when your bill jumps up again.
If you’re already on a fixed deal that’s more expensive than the price cap, it may be worth seeing if you can switch to a cheaper variable tariff or a cheaper fixed deal. But, if you do decide to leave your current fix, you should first check if you need to pay any penalty fees.
Ask for a refund if you’re overpaying into your energy bill by direct debit
If you’re several hundreds or even thousands in credit, your direct debit is probably set too high.
You can ask for a refund of most of the balance and adjust your direct debit to be lower. Be aware that it is normal to be in credit this time of year because most households use less energy in the summer versus the winter when we have the heating on.
How hot do you need your water?
Heating water uses a lot of energy, so you can turn down the flow temperature of your boiler to shave a little off your bills.
As long as the water from your hot tap is comfortable to have a bath in, you don’t need to set it any hotter. You can do this manually or you may be able to ask a heating engineer to fit a device called a ‘weather compensator’.
Remember where warm air comes from
Keep radiators uncovered to maximise the benefit when they’re on. If you have long curtains covering your radiators, leave them open to make sure the warm air circulates into the room, not out of the window.
Look at the label
When shopping for a new appliance such as a washing machine or fridge, look at the efficiency ratings. If your budget can stretch to A or B-rated white goods, these can help lower your energy usage long term.
How and when to submit a meter reading
Customers with British Gas, EDF Energy, E.on Next, Octopus Energy, Ovo Energy, Scottish Power, So Energy, or Utility Warehouse can submit meter readings via their online account, the company app, or over the phone.
Some companies also now let you send your readings via text message or through WhatsApp, but you’ll need to check with your energy provider whether they allow this.
When taking meter readings, always be sure to take a photo of your meter, so you have the info to hand and proof of the exact day/time you took the reading.
For British Gas you can backdate your meter readings until October 14, but for EDF Energy the cutoff date is October 9.
E.on Next and Octopus customers can backdate their readings until October 8, while Ovo Energy users only have until October 8. For Scottish Power there’s a little less time as the backdated readings must be submitted by October 5.
So Energy Customers are able to backdate their readings, but only if they have proof of the day they took the reading on.
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However, those with Utility Warehouse are being encouraged not to backdate readings, and instead submit them within the next few days leading up to October 1.
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