Experts say households on standard variable tariffs could save £50 next month alone, with the average energy bill expected to fall from £113 in June to £63 in July
Households across the UK are being urged to take a meter reading before the month’s end or risk missing out on cheaper energy bills. Over seven million properties could be overcharged from 1 July if they don’t provide their latest gas and electricity readings, Uswitch.com has warned.
Energy specialists have calculated that those on standard variable tariffs could pocket an extra £50 in July due to reduced summer consumption and a decrease in the energy price cap, with average bills expected to drop from £113 in June to £63 in July.
However, customers without smart meters who fail to submit a reading may be charged at the higher June rates, potentially costing up to £1.93 more per week. The collective cost for all homes missing the cut-off could exceed £14 million in a single week, reports the Express.
Ben Gallizzi, Uswitch energy guru, advised: “If you want to make the most of lower prices this summer, read your meter before July 1. It only takes a minute, and it could save you money. Without an accurate reading, suppliers may assume your usage falls into the old June pricing – meaning you pay more than you should.”
This advice comes as experts warn of potential energy price hikes this autumn, with Middle Eastern turmoil pushing wholesale costs up. The energy price cap is anticipated to increase in October, coinciding with a surge in demand due to cooler temperatures.
In light of looming autumn price surges, customers are urged to contemplate switching sooner rather than later. Uswitch has revealed that there are 10 fixed tariffs cheaper than the expected July price cap, with potential yearly savings averaging about £145.
Gallizzi said: “There’s a lot of global uncertainty at the moment. Fixing your energy deal now could help you stay ahead of any future hikes. If you can switch to a tariff cheaper than the July price cap, now is a good time to do it.”
This imperative suggestion arrives as numerous families confess to falling out of the practice of submitting meter readings regularly. A fifth of Brits lacking a smart meter have failed to communicate a reading to their provider in the past three months, while 6% have neglected this for over a year. Absent-mindedness and perplexity are to blame. One third believed it unnecessary to send readings often, whilst 16% simply forgot.
Uswitch is offering a straightforward three-step checklist to aid consumers in keeping their bills in check:
- CHECK: If you don’t possess a smart meter, put in a meter reading prior to July 1 to guarantee you’re paying correctly for the actual energy consumed.
- TRACK: Use a smart meter or an energy tracking app to watch over your consumption; it’s a beneficial way to identify patterns and reduce waste.
- CHANGE: Think about changing to a fixed-rate arrangement now, before the prices escalate yet again in October.
For further support and guidance, including details on how to read your meter, head to Uswitch.com.