Martin Lewis has urged households to take their meter reading on a specific date before a huge energy price hike comes into force. For those on a default tariff who pay by direct debit, the price cap is going up by almost £700 as Ofgem increases its price cap from April 1.
But financial expert Martin has explained that if you take a meter reading on March 31, you can tell your energy provider exactly how much gas and electricity you used before the price cap increase. He said on his ITV Martin Lewis Money Show Live series finale earlier this month: "That way you draw a line in the sand that says to your energy firm, I've only used this amount at the cheaper rate. Don't start charging me more on the higher rate and estimating I use some of it afterwards."
The energy price cap for those on default tariffs who pay by direct debit is rising by £693 from £1,277 to £1,971 from April 1. Prepayment customers will see a bigger jump, with their price cap going up by £708, from £1,309 to £2,017.
