Millions of individuals have been urged by The Money Saving Expert to submit their energy metre readings before the end of the month.
On Saturday, July 1, the energy price cap will be lowered, and Martin Lewis advises customers to take metre readings to prevent their supplier from overestimating how much energy they’ve consumed.
The price cap will decrease from £3,280 to £2,074, implying that a typical household’s annual expenditure should decrease by about £450.
However, suppliers will estimate your usage if you don’t send them regular readings, so you might find up spending too much or too little.
Speaking to Good Morning Britain, Martin Lewis said: ‘It’s meter reading week.
‘On July 1 we see prices drop an average of 17% – the effect is you’ll drop more than that if you’re a high user who uses a lot of gas, you’ll drop less than that if you’re a low user.
‘The reason is if you are on a monthly direct debit and don’t have a smart meter you should be doing a meter reading sometime around the next week.
‘If not, your bill will be estimated which bit came at the higher rate and which bit came at the lower rate and that could move against you.
‘So you get a meter reading done at the moment and it says “well everything before this point is at the higher rate, everything after this point, roughly, should be at the lower rate”, and it just makes sure, if there is a discrepancy, it doesn’t go against you.’
This advice only applies to people with a standard meter – as people with smart meters don’t need to submit readings.