Don’t forget to submit your energy meter reading

At the start of next week, the current Ofgem Price Cap will fall by £238, from £1,928 to £1,690 for the typical household.* Go.Compare Energy is advising all bill payers to take and submit a meter reading before the cap falls on April 1st.

Gareth Kloet, energy spokesperson for Go. Compare energy, says:

“This latest drop in the Ofgem Price Cap, down 12% from the previous Price Cap for Q1 of 2024, is another encouraging sign for UK bill payers. This is the lowest figure we have seen since Q1 of 2022, and while it might still be disappointing for some who were hoping for a bigger reduction, as we head out of the colder months, energy usage is likely to decrease and alongside a lower Price Cap, we may see a welcome reduction to the high energy prices we’ve all been paying.

“By submitting a meter reading on March 31st, before the price drop comes into force, it will mean that your energy company cannot charge you at the higher rate for any units that have been used after that date. As well as taking a meter reading when the Price Cap changes, it’s worth providing your energy company with an up-to-date reading on a regular basis so they can work out your bills accurately, otherwise they will estimate your usage which means you could be paying more than you need to.

Gareth continues: “While this latest drop in the Price Cap is good news, household bills are still high for many. However, there are small changes you can make to save energy and ultimately money, such as washing your clothes at a lower temperature, turning your appliances off when they are in standby mode and ensuring you are using your water efficiently. All of these steps can make a difference to your bills.

“UK energy prices are subject to fluctuations as we remain so dependent on changes in the wholesale cost of gas. With this in mind, making longer term decisions with these continuous movements in the Price Cap can seem daunting for bill payers. This latest price drop might make it tempting to lock in a deal and protect yourself from future

increases – but there are a few things to think about before you do and it’s important to think about what’s right for you and your circumstances.

“For example, it might be worth looking at your current energy usage and the rate you are currently on, whether that be a variable or fixed rate tariff. Find out if you have to pay any early exit fees if you leave before your current deal is up.

“A comparison site will help you weigh up these choices and provide a simple way to see what’s available in the market.

“Also, if you’re fortunate enough to have a balance in credit with your energy provider, try to keep it in the bank in preparation for the winter months.

“If you are struggling to make payments and are concerned about energy bills, always talk to your energy provider in the first instance, as they have a duty to help. Do not be tempted to skip payments or just not pay – get in touch with them and they will discuss a payment plan with you.”

Go.Compare has a list of practical things that you can do to save on your energy costs in the home which can be found here: https://www.gocompare.com/gas-and-electricity/guide/energy-saving-tips/.

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