Energy prices are set to rise in the coming week as the new energy cap is set to be brought in. Prices are set to rise more than 50 per cent across the board due to the war in Ukraine and price of wholesale gas soaring.
And many people will be readying themselves to give a energy reading to companies before they start paying a much higher rate. MoneySavingExpert Martin Lewis has shared when homeowners should be sharing their energy meter reading.
Martin previous said that people should be supplying their meter reading on March 31 to help “draw a line” under the previous price cap. He said on his ITV Martin Lewis Money Show: “That way you draw a line in the sand that says to your energy firm, I’ve only used this amount at the cheaper rate.
“Don’t start charging me more on the higher rate and estimating I use some of it afterwards.”
It comes as energy bills will rise by a typical £693-a-year for 22 million households. The price cap on standard and default tariffs will rise by 54 per cent. On “typical” energy use, this means the price cap will rise from £1,277-a-year to £1,971-a-year from April 1.
Pre-payment customers will see a bigger jump, with their price cap going up by £708, from £1,309 to £2,017.
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