The energy price cap is finally going to rise tomorrow on Saturday, October 1 and households are being urged to submit meter readings today, Friday September 30.
Earlier this year, Ofgem announced the energy price cap will increase from £2,500 to £3,549 for six months, with this figure predicted to rise further as the energy regulator will now review its price cap four times a year, instead of twice a year. It will now examine this January, April, July and October.
Households should submit their meter readings, for both gas and electricity, before the cap is changed to avoid being unnecessarily overcharged. This is to ensure Brits are accurately charged for energy before the cap figure jumps.
Back in April, the price cap rose from £1,200 to £1,971 annually. As a result, Mr Lewis advised households to submit meter readings the day before the new figure came into force.
Experts have warned these rising costs could have a "devastating" impact for Brits. Back when the price cap rise was confirmed in August, money saving guru Martin Lewis even went so far to say that "lives will be lost" as a result of soaring energy bills.
If you are worried about overpaying but are unsure how to properly submit a reading, you can check out full instructions below. If you are struggling to figure out how much your energy bills will be this winter, there are resources below that can help you to calculate estimates.
How to take meter readings
To send a meter reading, you need to record the first five numbers shown from left to right on your meter to your energy supplier. You can do this over the phone, online or through an app if your supplier has one.
Digital meters will show five numbers in black and white, followed by one or more red numbers. The red numbers can be ignored.
Households with a smart meter do not need to do anything, as this type of monitor submits readings to suppliers automatically.
What is a price cap?
Rather than calculate bill costs, the energy cap limits the rate a supplier can charge for their default tariffs. This includes the standing charge and price for each unit of electricity and gas.
According to Ofgem, the price cap of typical usage for electricity is currently 28 pence per unit, while gas stands at seven pence per unit.
Under the new increase, the cap for electricity will rise to 52 pence per unit, while gas will more than double to 15 pence. Your bill is still subject to change depending on how much energy you use. Therefore, the more you use, the more you pay.
This has added further strain, as many people can't plan ahead without knowing how much their future energy bills will come to.
If you are worried about costs of impending energy bills, you can try out the Daily Record's energy bill calculator for an estimate on what you could pay this winter.
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