Millions of energy bills are set to drop by 12.3 per cent from Monday April 1 when the new Ofgem price cap kicks in. For the estimated 29 million households currently on the standard tariff with typical usage, this means their annual costs will fall from £1,928 to £1,690 - a saving of £238 over the coming year.
It’s also important to be aware that the standing charges will also change on Easter Monday. Electricity will go up from 53 pence per day to 60 pence on April 1, while the standing charge on gas will rise from 29 pence per day to 31 pence . However, Martin explained: “If you've a WORKING smart meter, you don't need to do anything. If not, try to give an up-to-date meter reading within a few days either side of the rate change to reduce the risk your supplier estimates you've used more at the current higher rate than you have.”
He said: “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 readings MSE.com also has a full list of providers and how to submit your meter reading, plus the latest date to do so to ensure it can be backdated. The full firm-by-firm list can be found here.The essential MSE.