With energy bill prices predicted to soar this autumn, households will be looking for ways to minimise their outgoings. In early August Cornwall Insight, one of the country’s most respected energy consultancies, said bills will hit a staggering £3,359 per year from October for the average household, and not fall below that level until at least the end of next year.
Ofgem confirmed earlier this month that the energy price cap, which regulates what 24 million British households pay for their energy bills, will be updated four times a year, rather than twice. It warned that customers face a “very challenging winter ahead”.
But the regulator said the change would go “some way to provide the stability needed in the energy market." Stephen Murray, energy expert at MoneySuperMarket, said the expected energy price cap increase will 'pile more pressure on already stretched household finances.'
Read more: People who pay for their energy bill with cash and cheque told to make urgent change ahead of autumn
As well as advising those who pay their energy bills with cash or cheque to switch to paying via Direct Direct, Murray recommends installing a smart metre. "If you haven’t got a smart meter, get one so you can use the in-home display unit to see how much energy appliances use and real time costs - this can help spot where you can make changes that save you money."
What is a smart meter?
Smart meters are the new generation of energy meters. Suppliers are installing them as part of a national government programme to replace older energy meters. It includes prepayment meters, according to Ofgem.
Your supplier will contact you to tell you when you can get one but you can request one too. Murray said: "Most importantly, having a smart meter means your bills will be as accurate as possible. If you don’t have one, make sure you’re submitting regular meter readings."
He added: “If you’re struggling to pay your energy bills, you’re not alone. The first step is to contact your supplier to find out what support is available. You can find information about what support is available on moneysupermarket.com."
The latest research from the price comparison website showed that four in 10 Brits don’t have a smart meter fitted, with 12% unsure if they have a smart meter or not. Of those who have a smart meter, 51% agree it helps them to manage their energy use.
Meanwhile, 29% say their smart meter causes them more stress because they can see the cost increasing but can’t reduce their energy use.
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