Cost of Living Crisis: Martin Lewis Warns on Energy Price Cap Increases

Wednesday, 25 September 2024, 03:28

Cost of living challenges are escalating as Martin Lewis warns millions about rising energy costs. With energy prices set to increase, households must act promptly to mitigate overpayments amid the price cap adjustments.
Metro
Cost of Living Crisis: Martin Lewis Warns on Energy Price Cap Increases

Energy Price Cap Increase Details

As the cost of living continues to escalate, households will face heightened energy bills starting October 1 when the energy price cap rises by 10%. This change translates to an approximate £149 increase per household annually.

What Does It Mean for Consumers?

  • The electricity unit rate will increase to 24.50p per kilowatt-hour.
  • The standing charge will rise to 60.99p per day.
  • Gas will now cost 6.24p per kWh with a standing charge of 31.66p per day.

Martin Lewis advises those without smart meters to submit their meter readings ahead of time to avoid inflated charges based on inaccurate estimates. If a mass submission occurs simultaneously, potential delays and issues with suppliers could arise.

How to Submit Your Meter Readings

To ensure accuracy, take a photo of your reading and submit it through your provider’s designated channels. Most companies allow backdating within specific timeframes. For example, British Gas allows backdating until October 14, while EDF Energy has a cutoff of October 9. Prompt action is crucial in the changing landscape of energy pricing.

Energy Saving Tips

  1. Carefully consider switching energy providers if currently on a fixed deal that exceeds the new price cap.
  2. Adjust direct debit payments if you’ve overpaid significantly.
  3. Lower your water heating temperature to save energy, and maximize radiator efficiency by keeping them uncovered.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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