Energy prices are changing on Saturday, October 1, 2022. While the government announced the Energy Price Guarantee, which means the cost of energy for the average home will sit at around £2,500 a year for the next two years, this is the amount for an average household and it doesn't mean that your bill will be no more than this figure, so it's important to still take every measure you can to keep your bill down.
So, should you be taking a meter reading before the price increase? Financial guru Martin Lewis says that for most people, the answer is yes.
With so much financial turmoil being reported at the moment, it's easy to forget that the date that energy prices will rise again is looming. The MoneySavingExpert website founder updated his followers on Twitter, reminding them to take a reading.
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Martin Lewis wrote: "It's #MeterReadingWeek Energy prices rise for millions on 1 Oct (& fall for some on fixes). So most, though not everyone, should be doing a reading. Plus some on PREPAY may be able to keep current rates longer."
In a question from a pre-payment energy customer following the earlier Tweet, Martin expanded on the explanation. Asked 'do people on pre-payment meters needed to a take a meter reading?' The MoneySavingExpert founder replied: "No. If you're on prepay, you're paying in advance directly for what you use. There is no estimating. What you should be looking at is whether you PRE-LOAD to the max now, to keep the cheaper rate in October. It doesn't work with all meters, here's the info. https://moneysavingexpert.com/utilities/prepay-top-up-trick/"
British Gas has also advised about the upcoming change. In an email to its customers, the energy firm, according to Hull Live, has said: "The prime minister recently announced the Energy Price Guarantee – meaning that from 1st October, the cost of energy for the average home will be no more than £2,500 a year for the next two years. Some of our customers have been asking whether they should submit a meter reading before this happens, so we wanted to let you know what you need to do."
The email then advises customers to either submit a reading or for those with smart meters fitted, it adds: "Good news, you don’t need to submit a reading right now because you have a smart meter. This means we get readings automatically so we’ll carry on using these to work out your bills."
September 30 is the last day for people to submit meter readings before prices change to a maximum of £2,500 a year for the next two years.
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