Essential Tips on Managing Your Energy Bills
With the new Ofgem price cap coming into effect, there are crucial details that every energy consumer should be aware of to save money and make the most of this change.
Understanding the Price Cap Adjustment
Millions of households will benefit from a 12.3% reduction in energy bills starting April 1. For those on the standard tariff, this translates to an annual saving of £238. However, this price cap adjustment is temporary, scheduled to end on June 30, 2024.
To ensure accurate billing, it is recommended to provide updated meter readings, especially for those paying by Direct Debit. By doing so, consumers can avoid overestimations and discrepancies in their bills.
Energy Meter
Maximizing Savings for Prepayment Meter Users
For individuals using prepayment meters, there is a simple yet effective trick to capitalize on the lower rates. By depleting the current balance close to empty before April 1 and then topping up, users can trigger the reduced pricing immediately.
Martin Lewis advises, ‘Aim to run what you have now down to near-empty before 1 April, then top up as soon as you can from Monday, even with just £1, as that triggers you being charged the lower rate.’
Meter Reading Deadlines and Submission
To ensure timely submission of meter readings, various energy providers have specified deadlines. For instance:
- British Gas: before April 14
- E.on Next: Up to one week after April 1
- EDF Energy: Until April 7
- Octopus Energy: Up to one week after April 1
- Ovo Energy: Up to 10 days from April 1
- Scottish Power: Until April 5
For Utility Warehouse customers, it is advised to give meter readings ‘in the 5 days leading up to 1 April’.
Additional Energy Saving Tips
In addition to the price cap adjustments, there are other ways to save on energy bills. Stay informed about:
- Claiming £600 heating help by the weekend
- New energy switching rules effective from April
- Energy-saving tips for remote workers
For more details on the prepayment top-up trick, click here.
Stay informed, stay proactive, and make the most of the energy price cap adjustments to secure savings on your energy bills.
By Alexis Porter
