Money Saving Expert Martin Lewis has warned every household without a smart meter to make sure they've done one crucial thing before Friday.
With the energy price cap set to rise on April 1, people should take a meter reading on March 31, he says. The ITV This Morning finance journalist says that if you take a meter reading on March 31, you can tell your energy provider exactly how much gas and electricity you used before the price cap increase. READ MORE:Martin Lewis apologises for giving millions of Brits incorrect advice on energy bills "That way you draw a line in the sand that says to your energy firm, I've only used this amount at the cheaper rate," he said on his ITV Martin Lewis Money Show Live series finale earlier this month. "Don't start charging me more on the higher rate and estimating I use some of it afterwards." The energy price cap for those on default tariffs who pay by direct debit is rising by £693 from £1,277 to £1,971 from April 1.
Prepayment customers will see a bigger jump, with their price cap going up by £708, from £1,309 to £2,017. The energy price cap isn’t an absolute cap on bills, as its name suggests - instead, it sets a limit on the rates a supplier can charge for each unit of gas and electricity you use.
It is important to send regular meter readings, otherwise your energy supplier will estimate your usage and you could end up being overcharged.
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