Millions of Homes Need to Send Meter Readings Before Energy Price Change

It is time to check your meter.

Many homes are being asked to take a meter reading so they can be billed correctly before energy prices go up this week.

The energy price cap will go up from £1,641 to £1,862 per year for the average home that pays by direct debit starting July 1.

You are covered by the price cap if you are on a variable energy plan, which means you are not locked into a specific deal.

It is a good idea to take a meter reading near the time the price cap changes so you are not charged more for energy used before the change.

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If you have a smart meter, you do not need to send a meter reading because it sends readings to your supplier automatically.

Gareth Kloet, an energy expert, said that the extra cost of using energy may be small, but households use energy all the time and for many appliances.

He said taking a meter reading on June 30 is important to ensure your supplier has an accurate record of your energy use before the new rates start.

The price cap will stay until October, when it will be updated again. Analysts think energy bills will remain high in the winter.

Cornwall said the average household will face a bill of £1,849 from October, which will be harder to pay when people start using their heating again.

Dr Craig Lowrey said the ceasefire in Iran gave the markets some relief, but this is only a pause and not a solution to the conflict.

He said what happens with the conflict will greatly affect energy prices, and even in the best case, the effects will last for a while.

He also said that it takes time to fix infrastructure and recover supply chains, and households will feel the effects for some time.

He added that October bills are always harder to pay than July's because people are using their heating again, and this year that coincides with a difficult global situation.

The new Prime Minister will face pressure to help households that are struggling, but the harder question is what will happen after that, as we are in a cycle of global shocks and high bills.

Some solutions, like special tariffs or removing taxes on energy bills, could help, but the government is not actively pursuing these options right now.

Ofgem will announce the new price cap for October on or before August 26.

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