Energy expert shares steps to unlock lower energy bills before price cap change | Personal Finance | Finance newsbhunt

An expert has warned there is “one thing you need to do” before the price cap drops next month to take advantage of lower bills.

From October 1, 2023, Ofgem’s next price cap will drop to around £1,923.

This isn’t a cap on the overall amount people will pay for their energy, instead, it caps the amount that people pay per kilowatt hour, or unit, of gas and electricity.

Around 29 million households are on standard variable tariffs that are subject to the price cap.

It should be noted that business owners with a non-domestic energy contract will not be affected by the price cap. It will not affect their business energy bills.

Les Roberts, energy comparison expert at Bionic, gave his advice on the one thing people “need” to do before the price cap changes this October.

Those without a smart meter are urged to follow steps to unlock lower bills before October.

He said: “On October 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.

“Submitting a reading means you are charged the correct amount for exactly how much energy you are using, meaning you know exactly how much you owe and ensures you aren’t overcharged so you can have more money in your pocket every month.”

Mr Roberts explained that submitting meter readings is a good habit to get into as it ensures bills are correct, regardless of which tariff people are on.

Ultimately, the price one pays is determined by how much the energy supplier thinks they are using, so letting them know stops any random guesses and ensures people only pay for what they use.

He continued: “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.

“And remember, if you’re on a non-domestic energy contract, the price cap will not apply to your business energy bills. In this instance, it still makes sense to compare quotes to see if you can save money with a fixed contract.”