Experts warn people to take smart meter reading today or 'lose money'

Households have been urged by experts to "take a reading" from their smart meters as soon as they can to ensure they benefit from decreased energy bills. This advice, issued by Go Compare Energy is in anticipation of Ofgem's lowering the energy price on July. 1

This decision determines the maximum cost firms can impose for unit consumption and the standard charge for households with average usage. Starting from next month until September 30, families enjoying fixed rate tariffs will see an average £122 reduction in their energy costs over the duration. Therefore, Ofgem's price cap is set to fall from £1,690 to £1,568 leading to potential 7% savings for consumers.

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Experts want to remind us that consumers should submit smart meter readings before June 30 or risk missing these savings. Doing so promptly will stop electricity suppliers from imposing higher costs for energy to customers than what they have truly used.

It implies that countless households only have a few days remaining to potentially lower their power bills significantly amidst the ongoing cost of living dilemma. Households have borne the brunt of highest ever gas and power costs due to external linkages impacting the wholesale energy market and the after-effects of the Ukraine invasion by Russia.

From April 1 to June 30, Ofgem brought down its price cap to £1,690 for a typical dual-fuel household opting for direct debits, which is a considerable decline from £1,928.

Over the past year, the regulator has reduced the limit to £1,976 between July and September, with further cuts to £1,834 annually from October to December 2023.