Martin Lewis is urging those who pay their energy bills by direct debit to take meter reading before the end of this week.
The Money Saving Expert has taken to social media to issue a four day warning to people in England, Scotland and Wales. He is urging direct debit customers to take a meter reading before midnight on Friday June 30.
The reason for the warning is because the new Ofgem Price Cap will be coming in from midnight on Saturday July 1 so energy rates will be dropping.
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The MirrorOnline reports that Ofgem's new price cap is set at £2,074 for the average annual energy bill which is several hundred pounds less than the current Price Guarantee rate of £2,500. If they are not you may end up being charged more than you owe.
For example, if you use electricity on Saturday, but your energy provider thinks you used it on Thursday, you'll be charged at the higher rate. If you submit a meter reading before the drop at midnight, your energy provider will have the most accurate and up to date information on your usage in order to work out your next energy bill.
In one of his tweets, Martin said: "Submitting a reading within a few days of the change (many let you backdate a few days too) reduces the risk of their 'estimating' going against you (though there's always a chance a discrepancy could end up in your favour)."
The Money Saving Expert coined this week as "Meter Reading Week".
Martin also urged households to take a photo of their meter reading in case they can't submit it to their provider on the same day. However, he did note that people who have smart meters or are on prepayment meters do not need to submit a meter reading to their energy supplier.
In his tweet he said: "IT'S METER READING WEEK! Prices fall an avg 17% across Eng, Scot & Wal this Sat as the price cap drops (more for higher users who have gas, less for lower elec only users)
"Got working smart/prepay meter? You NEEDN'T do a meter reading Pay by direct debit? Submit a reading.
"With monthly direct debit, firms estimate your usage, and assign it to a certain period, so submitting a reading within a few days of the change (many let you backdate a few days too) reduces the risk of their 'estimating' going against against you (though there's always a chance a discrepancy could end up in your favour).
"Take a pic of the meter for belt 'n' braces. Please share with anyone this is relevant to."
