Millions of UK households risk overpaying on their energy bills unless they submit their meter readings by January 1st. This is due to the price cap increase coming into effect on that date.
Nine million households need to read their meter by January 1 to avoid the risk of overpaying on their energy bills by a collective £66million, according to research by Uswitch.com. To avoid the higher price cap, which comes into effect on January 1, households on standard variable tariffs (SVTs) who don’t have a smart meter should record and submit their meter readings before New Year’s Day.
The average household on an SVT with typical usage is expected to spend £135 on energy in December, compared with £165 in January. The rise is down to a combination of higher rates and increased usage at the start of the year. Those on SVTs without a smart meter who fail to submit meter readings on or around 1 January risk having some of their usage estimated and possibly charged under the new higher rates. The difference between a week’s worth of energy at January’s rates compared with December’s is £6.67 for the average household. If those nine million households didn’t submit a reading by January 1 and their usage was estimated, just a week's worth of energy at the more expensive rates could see them overpaying by £66 million in total. Households that haven’t recently submitted a reading say it’s because they do not know how to read their meter, or do not know where their meter is. Industry analyst Cornwall Insight predicts the price cap will rise by 1% in April to £1,762. This could mean a third consecutive increase for households on default tariffs, following the 1% rise in January and 10% hike in October. A fixed tariff could help households avoid the price rise and lock in rates for at least a year, with a range of deals currently cheaper than the January price cap. Uswitch.com is urging households to submit a meter reading this week and compare energy tariffs to see if there’s a better deal worth switching to before January’s price hike. Elise Melville, energy expert at Uswitc
ENERGY BILLS PRICE CAP SMART METERS UTILITY CONSUMER ADVICE
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