Why You NEED to Submit a Meter Reading TODAY!

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Even if you are not on a fixed rate energy deal, energy prices have effectively been fixed for a long time now for most people. This is because the government’s energy price guarantee scheme has acted as a ceiling on the amount a typical household will pay for their energy.

On July 1st 2023 though, this is set to change. On this date energy customers on a variable tariff will see the price they pay for their energy drop! 

Yes the energy price cap – which is set by Ofgem and governs the maximum amount energy companies can charge for domestic gas and electric – will finally fall below the level set by the government. The new cap will be set at £2,074 for a typical household. Finally some good news for consumers caught in a seemingly never-ending spiral of price rises. Finally, one bill will go down!

Why submit a meter reading today?  

Why then are we suggesting that you rush to submit a meter reading today on July 1st? 

If you’re on a variable tariff and you don’t submit a meter reading today, then you run the risk of being overcharged. Why might this happen? When working out your bill, an energy firm – without a meter reading – may be forced to estimate your usage. Without a clear meter reading on July 1st (or as soon as possible thereafter) your energy company will have no idea how many units of energy you used before the price cap drops VS afterwards. So you may end up paying the previous higher rate on units that were used after the price cap dropped.

What about if you’re on a fixed tariff?

If you’re on a fixed tariff, of course, then you don’t need to worry so much about this. You will likely be paying a rate for your gas and electricity which is below the price cap anyway.

What about those on a prepayment meter?

Things are a little different for those on a prepayment meter. These people don’t have to submit meter readings in the same way, as they pay for their energy up front. So how can those on a prepayment meter make the most of the fall in the energy price cap? Simply by topping up on the day the new prices take effect, so on July 1st. If you top up on July 1st this will tell your meter that the price you pay has gone down.

Submit a reading ASAP!

So while the drop in the energy price cap is certainly good news for consumers, if you want to get the most benefit from it, then be sure to submit a meter reading as soon as possible. Or if you’re on a prepayment meter top up on July 1st, even it’s just by the £1 minimum.