Householders are being warned to take a meter reading so they can take full advantage of energy cap changes. People have been told that they should take a meter reading on July 1 to ensure they are not paying more for power than they should do.
The deadline is in place because household gas and electricity bill will be capped at £2,074 per year as of July 1 - down 17 per cent from £2,500 and meaning quite a big saving for many households. Money saving guru Martin Lewis has said that people should if they possibly can take a meter reading on that date because there is a risk companies might estimate bills based on out-of-date figures.
The cap is a government protection, calculated by Ofgem which ensures that the profit energy suppliers make has an upper limit. At the moment, a typical household that pays their energy bill by direct debit pays the following rates: 10.31p per kilowatt hour (p/kWh) for gas33.21p/kWh for electricity. A standing charge of 29.11p per day for gas. A standing charge of 52.97p per day for electricity.
