British Gas, OVO, EDF, Eon and Octopus customers one week warning or risk overpaying hundreds

Warnings have been issued that households have only until next week to ensure they do not pay too much on energy bills. Customers are being told to submit meter readings to their energy supplier - including British Gas, OVO, EDF, Eon and Octopus - to ensure they do not overpay when the price cap falls by 7 per cent in July.

Ideally, those with a regular meter in their home should try to submit a reading by June 30 before the new energy price cap is introduced the next day on July 1. Les Roberts, business energy comparison expert at Bionic, said: "On July 1, it’s important that those without a smart meter take a meter reading.

"This is when the energy price cap change comes into effect and this will result in your bills changing. By submitting a reading before the price cap change, it means you are charged the correct amount for exactly how much energy you are using, meaning you know exactly how much you owe and ensure you aren’t overcharged.

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"Submitting meter readings is a good habit to get into, and submitting them monthly ensures that your bills are correct, regardless of which tariff you are on. Ultimately, the price you pay is determined by how much the energy supplier thinks you are using, so letting them know stops any random guesses and ensures you only pay for what you use.

"If you do spot mistakes from your meter readings to what is on your bills, you can then flag this with your supplier as well. If they don’t correct this based on the evidence you have, you can also refer your case to the Energy Ombudsman who will work with the supplier and yourself to resolve the complaint."

The average annual energy bill will be £506 cheaper than a year ago from July. But prices are still much higher than they were in 2021.

Mr Roberts has also issued advice on how consumers can reduce their energy usage, if now is the right time to make the switch to a fixed energy tariff and what to do if you're struggling to afford your energy bill.

Is now the time for consumers to make the switch to a fixed energy tariff?

Mr Roberts said: "When it comes to making the switch to a fixed energy tariff, the most important thing to understand is that price-capped tariffs are variable, If you do find a deal with rates below the new price cap rates, then it could be worth considering making the switch as we don’t know what will happen to energy prices in the future.

"However, it's important to remember that price-capped tariffs change every three months in line with the Price Cap so a deal that looks good now could end up being more expensive if energy prices drop later in the year. It's also worth remembering that the notice period for ending your current contract differs between suppliers.

"It's worth checking your supplier's requirements before switching. If you’re a business owner, remember that there’s no price cap on non-domestic energy contracts.

"If your current contract is coming up for renewal then it’s worth comparing quotes and fixing your rates to give yourself bill stability and protect against future price rises."

How can consumers lower the cost of energy bills?

Discussing energy audits and smart meters, Mr Roberts said: "By taking part in an energy audit, you’re ensuring that you know exactly where you are using the most energy in your home and how you can cut this down. Similarly, installing a smart meter means you can pinpoint exactly how your home could be more energy efficient.

"There are no more estimated bills and no need to give your supplier a meter reading, which will save time, money and hassle." Customers could reconsider what times of day to use gas and electricity.

Mr Roberts said: "Only heating up your home when you need to can be done by simply setting the timer on the thermostat to start the heating at certain times or consider a time of use tariff that offers cheaper rates at certain times. - usually when the grid is under less pressure and demand is lowest, which tends to be between 10pm-8am."

You could replace old appliances. Mr Roberst said: "Older electrical appliances tend to be less energy efficient, so it might be worth upgrading your large appliances, like washing machines and dishwashers if you've had them for more than 10 years.

"More efficient models cut the KwH used significantly, so running costs will be much lower and over time, the money spent on the appliance will be made back in savings." Customers could also turn up the heating or put the air conditioning down by one degree.

Mr Roberts said: "Turning down your thermostat by just one degree is a change you probably won't even notice, especially as we move into warmer months and could reduce your heating bills by as much as 10 per cent. Remember to also adjust your thermostat in relation to the external temperature."

If you can’t afford your energy bill, what support does your provider have to give you?

Mr Roberts said: "The most important step to take if you feel you cannot afford your energy bill is to contact your supplier as they are obliged to outline your options, such as organising a payment plan. Under official Ofgem rules, your provider must organise an affordable payment plan and as part of this, consumers have the right to ask for a bills review to see if the amount is correct, a break from payments until you can afford to pay, a reduction to an affordable rate, access to advice on how to reduce energy usage or more time between payments.

"Your provider must also give you access to any available hardship funds, charitable grants or help you apply for any available government grants if they have not been automatically applied. One such example is the Cold Weather Payment which is available once the temperature drops below a certain level and you are state pension age or claiming Universal Credit / Jobseekers Allowance."