Millions of households are being urged to take a meter reading before the end of the month to avoid missing out on lower energy bills. Over seven million homes risk being overcharged from July 1 if they don’t provide their latest gas and electricity readings, Uswitch.com has warned based on its research.
Energy experts have highlighted that those on standard variable tariffs could be £50 better off next month, with average energy bills predicted to drop from £113 in June to £63 in July due to reduced summer consumption and a decrease in the energy price cap.
However, customers without smart meters who fail to submit a reading may be charged at the higher June rates, potentially costing up to £1.93 more per week. If all affected households overlook this, it could result in a national overspend of over £14 million in a single week.
Ben Gallizzi, an energy expert at Uswitch, advised: “If you want to make the most of lower prices this summer, read your meter before July 1. It only takes a minute, and it could save you money. Without an accurate reading, suppliers may assume your usage falls into the old June pricing – meaning you pay more than you should.”
This advice is particularly timely given the looming threat of rising energy prices this autumn, as instability in the Middle East could push wholesale costs higher. The energy price cap, which sets a limit on what suppliers can charge per unit, is anticipated to increase in October, coinciding with an uptick in demand due to cooler weather.
In an effort to avoid a possible price shock this autumn, consumers are being advised to contemplate switching their energy tariffs now. Uswitch has highlighted that there are presently 10 fixed tariffs on the market that undercut the upcoming July price cap, with some of the best deals promising average annual savings close to £145.
Gallizzi weighed in: “There’s a lot of global uncertainty at the moment. Fixing your energy deal now could help you stay ahead of any future hikes. If you can switch to a tariff cheaper than the July price cap, now is a good time to do it.”
This recommendation arises at a time when numerous households acknowledge that they’ve fallen out of the routine of providing meter readings. One in five people without a smart meter haven’t sent a reading to their supplier in the past three months, while 6% haven’t submitted one in over a year.
The explanations for this neglect?
A combination of absent-mindedness and puzzlement. A third confessed they didn’t realise it was necessary to submit readings so frequently, and 16% simply forgot.
To assist consumers in better managing their energy expenditure, Uswitch has come up with a simple three-part checklist:
1. CHECK: If you don’t possess a smart meter, put in a meter reading prior to July 1 to guarantee you’re paying correctly for the actual energy consumed.
2. TRACK: Use a smart meter or an energy tracking app to watch over your consumption; it’s a beneficial way to identify patterns and reduce waste.
3. CHANGE: Think about changing to a fixed-rate arrangement now, before the prices escalate yet again in October.
For further support and guidance, including details on how to read your meter, head to Uswitch.com.
