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Money saving expert Martin Lewis issues four-day warning to everyone who pays their energy bills by direct debit
- Householders have until Friday to take an accurate meter reading
- Money saving expert coins this week as ‘Meter Reading Week’
- Ofgem’s price cap changes at midnight on Saturday
Householders in England, Scotland and Wales who pay their energy bills by direct debit in England, Scotland and Wales have four days to take a meter reading that could save them hundreds of pounds.
Money saving expert Martin Lewis took to Twitter to urge direct debit customers to take a meter reading before midnight on Friday.
This is because the new Ofgem Price Cap will be coming in from midnight on Saturday so energy rates will be dropping.
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.
With energy rates set to drop by around 17% on average, those affected will need to make sure the units are recorded correctly.
Martin Lewis says householders may end up being charged more than they owe
If they are not, householders may end up being charged more than they owe.
Lewis has coined this week as ‘Meter Reading Week’.
He cites as an example, someone using electricity on Saturday, but their energy provider thinks they used it on Thursday.
In such circumstances, they would be charged at the higher rate.
If they submit a meter reading before the drop at midnight, their energy provider will have the most accurate and up to date information on the usage in order to work out the next energy bill.
The money saving expert took to Twitter to offer energy pricing advice to householders
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).’
Martin also urged households to take a photo of their meter reading in case they are unable to 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.
Taking an accurate meter reading before Friday could help householders avoid extra charges
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.’
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