By taking a meter reading on a specific date, Martin Lewis says you can then go to your energy supplier and explain exactly how much gas and electricity you used before huge increases kicked in. vigor.
Martin Lewis has revealed the exact date you need to take an energy meter reading before huge price hikes take effect.
Regulator Ofgem has confirmed it is raising its price cap by 54% from April 1, increasing by £693 from £1,277 to £1,971.
Prepaid customers will see a bigger jump, with their price cap increasing by £708, from £1,309 to £2,017.
The energy price cap sets a limit on the prices a supplier can charge for each unit of gas and electricity you use.
But before the price hike, Martin advised households to get a meter reading on March 31.
By doing so, you can then go to your energy supplier and explain exactly how much energy you consumed before the price cap increase came into effect.
Speaking on his ITV Martin Lewis Money Show Live this week, the MoneySavingExpert said: ‘This way you draw a line in the sand that says to your energy company, I only used this amount at the cheapest price.
“Don’t start charging me more on the higher rate and estimate that I’ll use some of it later.”
In a separate video posted to social media this week, Martin also reminded those using older prepayment meters to check if they can “store” energy now.
The logic is that if you fill up now, but use this energy after the price cap changes, you will be charged for your gas and electricity at the rate that applied when you filled up.
Your rates should not change until the first top-up following a price adjustment.
If you have a prepayment smart meter, unfortunately this storage trick will not work as these meters are updated remotely with new tariffs on the day of a price change.
MSE contacted 11 of the biggest energy suppliers – including British Gas, SSE, E.on and EDF – and only one said the storage trick would not work.
Scottish Power was the only supplier to say that the extra amount you would have paid under the new tariffs would be recouped by adding a small debt to your meter on your next annual reading.
MSE has asked Ofgem if Scottish Power is permitted to do so, but has not issued a further update.
Martin also urged families to check how they can claim a £150 council tax rebate from April.
Council tax rebate will apply to homes in tax brackets A, B, C or D in England and Wales – around 80% of properties – but not to those living in the taxation E, F, G and H (or I as well, in Wales).
Scottish residents will also be eligible for a £150 reduction if they are in bands A to D – but will also be eligible if they are currently in receipt of a council tax reduction.
Those living in England have been told they will automatically qualify for the rebate if they pay council tax by direct debit.
If you are not paying by direct debit, your council will tell you how to apply.