Latest news with #meterreadings
The Independent
18 hours ago
- Business
- The Independent
Millions told to send in meter readings today to save money
Households have been urged to send in meter readings ahead of the energy price cap falling by 7% on Tuesday. The typical household bill for those who have still not signed up to a fixed tariff will drop by £129 to £1,720 per year when the regulator's new price cap – which sets the limit on how much firms can charge customers per unit of energy – comes into force. This is £660 (28%) lower than at the height of the energy crisis at the start of 2023 when the government implemented the energy price guarantee. However, prices remain elevated with the upcoming level £152 (10%) higher than the same period last year. The price cap does not limit total bills because householders still pay for the amount of energy they consume. While around 35% of domestic customers are now signed up to a fixed deal that they have actively sought out – and which is not governed by the price cap – approximately 22 million households in England, Wales, and Scotland are still on the energy price cap. It is these households that should read their meter by the end of the month to make sure they benefit fully from lower energy prices from July 1. Failing to do so leaves the risk of paying the higher pre-July 1 rate for energy used in the form of estimated bills. Research for the comparison site Uswitch suggests that a fifth of households (20%) without smart meters have not submitted their meter readings in the last three months, and 6% have not done so for a whole year. Uswitch calculated that homes on a standard price cap tariff with average usage are expected to spend £63 on energy in July compared with £113 in June, due to a combination of cheaper unit rates and lower usage over the summer. It urged households to sign up to a fixed deal while prices remain competitive, and said there were 10 fixed deals available which were cheaper than the July price cap – the cheapest offering savings of around £145 for the average household. Uswitch energy spokesman Ben Gallizzi said: 'Customers who don't have a smart meter should submit their readings before or on Tuesday 1 July, so their supplier has an updated – and accurate – view of their account. 'There's a lot of uncertainty about global energy costs at the moment, which has led industry experts to predict a rise in energy bills and in the price cap this autumn. 'But households can get ahead of this possible price hike by fixing at cheaper rates now. Currently, there are a range of fixed deals currently available that are around £145 cheaper than the July price cap for the average household. 'If you can switch to a deal cheaper than the July price cap, now is a good time to make the change. We urge customers to run an energy comparison as soon as possible.' Ofgem has also reminded households that they do not have to pay the price cap, saying 'there are better deals out there'. The fall in energy costs will come as a relief for households, who suffered through an 'awful April' of bill rises, including Ofgem's last 6.4% price cap increase. Under-pressure households have also been hit with the biggest increase to water bills since at least February 1988, alongside steep rises across bills for council tax, mobile and broadband tariffs, as well as road tax.
Yahoo
2 days ago
- Business
- Yahoo
Huge energy bill drop for millions from Tuesday - but you need to do one thing
Households are being encouraged to submit their meter readings before the energy price cap drops by 7 per cent on Tuesday. The average household bill for those not yet on a fixed tariff will decrease by £129 to £1,720 per year when the new price cap from Ofgem, which sets the maximum amount companies can charge customers per unit of energy, takes effect. This is £660 (28%) less than at the peak of the energy crisis at the beginning of 2023 when the government introduced the energy price guarantee. However, prices remain high with the forthcoming level £152 (10%) more than the same period last year. The price cap does not limit total bills as households still pay for the amount of energy they use. While about 35 per cent of domestic customers have now actively chosen a fixed deal, which is not subject to the price cap, roughly 22 million households in England, Wales, and Scotland are still on the energy price cap. These households should read their meter by the end of the month to ensure they fully benefit from lower energy prices from July 1. Failure to do so risks paying the higher pre-July 1 rate for energy used in the form of estimated bills. READ MORE: MPs to debate over 60s getting free bus pass in England after major breakthrough READ MORE: Martin Lewis issues advice to anyone changing money ahead of going on holiday this summer Research for comparison site Uswitch indicates that one fifth of households without smart meters have not submitted their meter readings in the last three months, and 6 per cent have not done so for an entire year. Uswitch has revealed that average energy costs for homes on a standard price cap tariff are set to drop from £113 in June to £63 in July, attributing the decrease to lower summer usage and reduced unit rates. The comparison site is encouraging consumers to lock into fixed deals while prices are favourable, highlighting that there are currently 10 fixed tariffs available that undercut the July price cap, with the most economical option offering savings of about £145 for the typical household. Uswitch's energy expert Ben Gallizzi commented: "Customers who don't have a smart meter should submit their readings before or on Tuesday 1 July, so their supplier has an updated – and accurate – view of their account." He also warned of potential increases in energy bills and the price cap this autumn due to global market uncertainties, advising: "But households can get ahead of this possible price hike by fixing at cheaper rates now. Currently, there are a range of fixed deals currently available that are around £145 cheaper than the July price cap for the average household." Gallizzi urged customers to consider switching soon: "If you can switch to a deal cheaper than the July price cap, now is a good time to make the change. We urge customers to run an energy comparison as soon as possible." Additionally, Ofgem has reminded the public that they are not obliged to stick with the price cap, stating "there are better deals out there". The drop in energy prices is set to provide some respite for households that endured an "awful April" with bill increases, including Ofgem's previous 6.4 per cent price cap hike. Families under financial strain have also faced the largest water bill increase since at least February 1988, as well as significant hikes in council tax, mobile and broadband tariffs, and road tax.
The Independent
2 days ago
- Business
- The Independent
Households urged to send in meter readings ahead of energy price cap drop
Households have been urged to send in meter readings ahead of the energy price cap falling by 7% on Tuesday. The typical household bill for those who have still not signed up to a fixed tariff will drop by £129 to £1,720 per year when the regulator's new price cap – which sets the limit on how much firms can charge customers per unit of energy – comes into force. This is £660 (28%) lower than at the height of the energy crisis at the start of 2023 when the government implemented the energy price guarantee. However, prices remain elevated with the upcoming level £152 (10%) higher than the same period last year. The price cap does not limit total bills because householders still pay for the amount of energy they consume. While around 35% of domestic customers are now signed up to a fixed deal that they have actively sought out – and which is not governed by the price cap – approximately 22 million households in England, Wales, and Scotland are still on the energy price cap. It is these households that should read their meter by the end of the month to make sure they benefit fully from lower energy prices from July 1. Failing to do so leaves the risk of paying the higher pre-July 1 rate for energy used in the form of estimated bills. Research for the comparison site Uswitch suggests that a fifth of households (20%) without smart meters have not submitted their meter readings in the last three months, and 6% have not done so for a whole year. Uswitch calculated that homes on a standard price cap tariff with average usage are expected to spend £63 on energy in July compared with £113 in June, due to a combination of cheaper unit rates and lower usage over the summer. It urged households to sign up to a fixed deal while prices remain competitive, and said there were 10 fixed deals available which were cheaper than the July price cap – the cheapest offering savings of around £145 for the average household. Uswitch energy spokesman Ben Gallizzi said: 'Customers who don't have a smart meter should submit their readings before or on Tuesday 1 July, so their supplier has an updated – and accurate – view of their account. 'There's a lot of uncertainty about global energy costs at the moment, which has led industry experts to predict a rise in energy bills and in the price cap this autumn. 'But households can get ahead of this possible price hike by fixing at cheaper rates now. Currently, there are a range of fixed deals currently available that are around £145 cheaper than the July price cap for the average household. 'If you can switch to a deal cheaper than the July price cap, now is a good time to make the change. We urge customers to run an energy comparison as soon as possible.' Ofgem has also reminded households that they do not have to pay the price cap, saying 'there are better deals out there'. The fall in energy costs will come as a relief for households, who suffered through an 'awful April' of bill rises, including Ofgem's last 6.4% price cap increase. Under-pressure households have also been hit with the biggest increase to water bills since at least February 1988, alongside steep rises across bills for council tax, mobile and broadband tariffs, as well as road tax.
