Brits are being urged to check their energy meter now as the Ofgem price cap changes today.
The Ofgem price cap has been reintroduced from July 1, replacing the Government Energy Price Guarantee which has been in place since October.
The Ofgem price cap from July is £2,074 and is nearly £500 less than the Energy Price Guarantee, which was brought in to protect consumers as annual energy bills exceeded £4,000.
From July, the average unit rate for electricity for someone paying by direct debit has fallen from 33.21p per kilowatt hour (kWh) to 30.11p and from 10.31p to 7.51p for gas - but the standing charge stays at 52.97p and 29.11p.
This week has been coined "Meter Reading Week" as Brits have been urged to provide their energy supplier with a meter reading as soon as possible.
Energy providers will make adjustments to your energy rates automatically when they change, however, it is a good idea to take a reading beforehand.
By doing this, it can help stop your supplier from determining a bill that isn't actually accurate to your usage as they have your most up-to-date data.
For example, if your meter reading is lower than your estimate from your supplier, then you could end up paying more than you need to.
If this is the case, you can ask your provider to lower your monthly direct debit to a more suitable amount.
It should be noted that if you have a smart meter, or a prepayment meter than you don't need to submit your reading to your provider.
Smart meters should send your readings off automatically and with prepayment meters, you pay for the energy you use upfront, so there's no need to submit meter readings.
Although if you are wary about your smart meter - you are able to submit a manual reading.
This is the first time energy bills have dropped in two years, after a reduction in the price of wholesale gas.
