Major gas and electricity suppliers such as British Gas, EON, EDF and Octopus Energy say hold off on your meter read to next Mon, 1st July. Why? Well, it's because the new lighting price cap imposed by Ofgem on 1 July will cut costs by 7%, or £118.30 a year.
So, the light you use this week will be around 7% more expensive than it will be from next Monday. Check your meter just after dark on Sunday to make sure you're being charged the old high rate and not the new low rate.
Smart Meter Considerations
For customers using smart meters, readings are generally automated. But, from time to time, inaccuracies have been reported.
It is therefore recommended that readings are manually checked on Mondays to ensure accuracy, regardless of whether smart meters are automated.
If a reading is taken before 1 July, another reading will have to be taken on 1 July, making early verification unnecessary. So waiting until Monday ensures that billing reflects the new, lower tariffs from the outset.
Advice from Energy Expert
Les Roberts, a connoisseur in business energy comparison at Bionic, underscores the significance of logging a meter reading on the 1st of July for individuals devoid of a smart meter. "This juncture marks the commencement of the energy price cap alteration, influencing your financial outlay."
Submitting meter readings with regularity, optimally on a monthly cadence, guarantees the precision of your invoices, irrespective of your tariff. Precise readings obviate the necessity for energy suppliers to conjecture your consumption, thus averting potential overcharges.
Roberts insisted that customers should compare their bills with their meter readings. Should there be any discrepancies, customers should inform their supplier. And, unless the supplier is adamant about rectifying the discrepancy, the matter can be referred to the Energy Ombudsman, who will help to resolve the grievance.
At present, there exist fixed-rate energy plans within the marketplace that are approximately 3-5% more economical than the newly instituted price cap.
With an anticipated escalation of the cap in October, it might be judicious to contemplate transitioning to a fixed-rate plan, provided the rate is inferior to the new July price cap, and not merely the rate established in April.