Why you should take a meter reading on March 31st
GoCompare is urging householders to take a meter reading on March 31st
GoCompare Energy is warning all bill payers to take a meter reading before the new energy prices come into force on April 1st, which will see some households paying 54% more for their energy bills.
In February this year, Ofgem increased the energy Price Cap by £693 to £1,971, up from the previous Cap that was £1,277. This increase will come into force on 1st April 2022, meaning that many households across the UK will see a 54% jump in the cost of their gas and electricity.
Gareth Kloet, GoCompare’s energy spokesperson warns:
“Until April 1st this year, energy costs per unit will still be in line with the previous Price Cap of £1,277 – so when this increases on April 1st some people will be paying more than half again for the cost of their energy. So, it’s absolutely worth taking a meter reading before these increases come into effect. By doing this, it simply means your energy company cannot charge you at the higher rate for any units that have been used prior to April 1st.
“As we are heading out of the Winter months, the hope is that we won’t need to use at much energy around the home, so making sure that you’ve paid the lesser amount during the colder months will help to keep your costs down.
“The cost-of-living crisis is hitting everyone – so if there’s a way to shave money off your bills this April, we would urge all bill payers to take both gas and electricity meter readings on March 31st and make sure you submit these to your supplier. And if you pay by Direct Debit, it might also be a good time to look at revising your monthly payments to take into account the higher rates.”
GoCompare’s energy comparison service was paused in September 2021 due to the restricted number of tariffs available on the market.
Gareth continues: “Traditionally, if energy prices are on the increase, we would tell people to switch and save on their energy but at the moment, there aren’t any competitive deals available for people to compare. We hope to be able to offer this service again soon but in the meantime, this is one way people can still try to save on their energy costs.”
The energy price cap is determined by Ofgem and is reviewed by the regulator every six months. It was introduced in 2019 to ensure that households will always pay a fair price for their gas and electricity bills.
GoCompare 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/.
Notes to editors
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GoCompare is a comparison website that enables people to compare the costs and features of a wide variety of insurance policies, financial products and energy tariffs.
It does not charge people to use its services and does not accept advertising or sponsored listings, so all product comparisons are unbiased. GoCompare makes its money through fees paid by the providers of products that appear on its various comparison services when a customer buys through the site.
When it launched in 2006, it was the first comparison site to focus on displaying policy details rather than just listing prices, with the aim of helping people to make better-informed decisions when buying their insurance. It is this approach to comparing products that secured the company an invitation to join the British Insurance Brokers’ Association (BIBA) in 2008, and it is still the only comparison site to be a member of this organisation.
GoCompare has remained dedicated to helping people choose the most appropriate products rather than just the cheapest and works with Defaqto, the independent financial researcher, to integrate additional policy information into a number of its insurance comparison services. This allows people to compare up to an extra 30 features of cover.
GoCompare is part of Future Plc and is authorised and regulated by the Financial Conduct Authority (FCA).