Nearly ten million households in the UK could be at risk of overpaying on their energy bills by a total of £186 million if they do not submit a meter reading before October 1, according to research by Uswitch.com. This warning applies to customers of energy providers British Gas, Ovo, and Octopus who are on standard variable tariffs (SVTs) and do not have smart meters.
Households on SVTs with typical energy usage are expected to see a significant increase in their bills from September to October, with costs rising from an average of £55 to £135 due to higher rates and increased energy consumption at the start of autumn. Failure to submit meter readings by October 1 could result in some energy usage being estimated and charged at the new, higher rates.
Uswitch.com is urging customers to take action before Tuesday, ensuring their supplier has accurate readings to avoid overpaying. The difference in cost for just a week’s worth of energy under the new rates could lead to households collectively overpaying by £186 million.
Industry experts predict further energy rate increases in January, suggesting that switching to a fixed tariff could provide stability and potentially lower costs. Fixed tariffs available now are up to 7% below the predicted October price cap, offering potential savings for consumers.
To assist customers in managing their energy bills, Uswitch.com has provided a checklist:
1. Ensure meter readings are up to date and submit readings by October 1 if you do not have a smart meter.
2. Monitor energy usage and consider switching to a fixed tariff to secure lower rates.
3. Use tools like the Uswitch app for insights into energy consumption and cost-saving tips.
Ben Gallizzi, energy expert at Uswitch.com, emphasised the importance of submitting meter readings regularly and exploring alternative energy tariffs to potentially reduce costs. By taking these steps, households can potentially avoid overpaying and secure more favourable energy deals.