Take A Meter Reading On Thursday 31st March Before It’s Too Late
Homeowners are strongly encouraged to take a meter reading on Thursday 31st March before the energy price cap rises to ensure they're not overcharged.
To avoid unnecessary prices, people are advised to check their gas and electricity readings on Thursday to make sure they are not being charged higher rates for energy usage before the 1st April. This is when the cap on dual-fuel tariff goes up by nearly £700 on average.
This record increase means that for a typical bill payer using a direct debit, they could see their price go up to £1,971 for their gas and electricity. Meanwhile homeowners on a prepayment meter will likely have to pay an average of £2,017.
In February, regulatory body Ofgem announced the price increase following a huge rise in gas prices last year as the economy recovered from the global pandemic.
This spike in prices has caused over 30 energy suppliers to disband since the beginning of 2021. One in particular was Bulb Energy whose collapse affected roughly 1.7 million customers.
How You Can Reduce Your Energy Bills
There are a few things you can do to help save more on your energy bills, the BBC has listed some money savers which you can see here:
Turn thermostat down by one degree (£55 p/a)
Switching to LED bulbs (£30 p/a)
One less wash a week on dishwasher or washing machine (£8 p/a)
Draught-proofing windows and doors (£25 p/a)
For anyone paying by direct debit, it’s worth looking at your monthly outgoings and taking into account the incoming rates to see if any revisions can be made to your finances.
It might also be worth investing in double glazing because this will only help retain heat efficiently and consequently decrease your energy bills in the long run. For more information you can read our full guide on double glazing costs.
Ensuring that your home is fully insulated is also another great way to retain heat as an uninsulated roof can result in a quarter of heat loss in your home.
Using spray foam insulation is a great way to ensure the roof is properly insulated and can achieve the same effect as fibreglass or mineral wool at a fraction of the space. The Government has also announced that as part of their Spring Statement, the VAT on energy efficiency products such as insulation has been scrapped from 5% to 0% making them even cheaper to use. To understand more about insulation you can read our guide on spray foam insulation.
This record increase in energy prices is going to hit homeowners hard but to ensure you’re not getting overcharged, check your meter reading on Thursday 31st March. For more information on how you can make your home more energy efficient and reduce your bills, visit our full list of guides.