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The energy price cap will rise from £1,663 to £1,723 on October 1 for the typical dual fuel household paying by Direct Debit, meaning steeper bills for millions.
The energy price cap limits the amount that an average UK household can expect to pay for their energy bills in a year. The amount you’ll actually pay will depend on your energy usage and the size of your property, so your bills could still be higher (or lower) than the price cap. Read more in our article What is the energy price cap?
To prevent your energy usage from being estimated and receiving inaccurate bills based on the current higher cap, it’s important to supply your provider with a meter reading as close as possible to September 30. Bear in mind, however, that you do not need to do a meter reading if you have a smart or pre-payment meter.
You can provide meter readings on your supplier’s website, app or on the phone. However, industry body Energy UK recommends checking your supplier’s website for advice on the best way to provide readings, given there are likely to be a large number of people trying to do this before the price cap changes in October.
The simplest way to provide a meter reading is to take a picture of your reading using your phone, and then log into your online energy account to enter the readings. You may also be able to send readings by text message, or using WhatsApp. Alternatively, your provider may have an automated telephone service enabling you to give readings and avoid waiting in a call queue.
Make sure you’re on the best possible tariff
If you haven’t reviewed your energy tariff for a while, it’s well worth checking whether you might be able to cut costs by switching to a more competitive deal.
Sarah Pennells, Consumer Finance Specialist at Royal London, said: “Our research shows that three in ten people have only been able to pay their gas and electricity bills ‘with difficulty’. For families living on a tight budget, higher energy bills could put even more pressure on their finances.
“The government’s decision to remove VAT from domestic electricity bills from October will save the average household around £45 a year and take some of the sting out of this increase. Without it, households would have seen bills rise by closer to 7% from October.
“If you’re worried about costs, now is a good time to check whether you’re on the best tariff and seek help early if you’re struggling. Don’t assume the energy price cap limits what you’ll pay, as your bill will still depend on how much energy you use and how you pay.”
Other tips to reduce energy costs
Even though the energy price cap is reducing, energy bills will still burn a big hole in people’s pockets, so it’s worth seeing whether you might be eligible for any support, such as the Winter Fuel Payment. Find out more in our article 9m pensioners to get Winter Fuel Payment.
You can find plenty of tips for reducing costs in our articles Energy saving tips: how to reduce your bills and 11 practical tips to keep warm and save energy this winter.
If you’re struggling with energy costs and are falling behind with your bills, it’s always worth talking to your supplier. They often have support schemes available to help the most vulnerable and households on a low income, or you may be able to negotiate a repayment plan. Find out more in our article What can you do if you can’t pay your energy bills? and Is your energy supplier offering grants to pay off energy debts?
If you’re considering switching your energy provider, it’s worth doing plenty of research so you can be certain you’ve found the best possible deal to suit your needs. Comparison websites such as MoneySuperMarket, Uswitch and Compare the Market enable you to compare the latest energy tariffs, whether you’re looking for a fixed or variable deal.
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