Round 10 million households are being urged to submit their meter readings or run the danger of overpaying their vitality payments.
To keep away from this overpayment, residents should submit these readings earlier than October 1 when a ten per cent worth hike takes impact.
At present, the common house is paying £1,568 a yr on vitality payments which is able to enhance by £149 a yr from Tuesday.
The Ofgem worth cap will rise to £1,717 or 10 per cent for these on variable-rate vitality offers which is regulated by the value cap.
Nonetheless, if households submit these readings in sufficient time they won’t be overcharged.
Ofgem is ready to extend its worth cap simply as winter arrives and mentioned: “Between October 1 and December 31 2024 the vitality worth cap is ready at £1,717 per yr for a typical family who makes use of electrical energy and fuel and pays by Direct Debit.
“This is a rise of 10 per cent in comparison with the cap set between July 1 and September 30 2024 (£1,568).”
Ofgem updates its worth cap quarterly, setting the utmost quantity that may be charged for vitality payments.
These worth caps are made up of a wide range of prices together with prices to produce vitality on the community, wholesale value of fuel and electrical energy and VAT.
Ofgem cites the explanations for its enhance as rising costs within the worldwide vitality market, heightened political tensions and excessive climate occasions.
Households who shouldn’t have a sensible meter put in and who’re on a normal variable tariff (SVT) should submit their electrical energy and fuel readings to their provider making certain the vitality used earlier than this date is not’ inaccurately billed at larger costs.
If suppliers should not given these readings they’ll base these payments on estimated utilization.
This might imply hundreds of thousands of households in England, Scotland and Wales could possibly be overpaying with many others not paying sufficient.
SVT customers who pay their electrical energy by direct debit are set to pay on common 24.5p per unit, with a standing cost of 60.99p per day.
A median of 6.24p per unit will probably be for fuel with a standing cost of 31.66p per day.
“Name your provider to offer them the readings – or examine in the event you can submit one on their web site or app,” advises Residents Recommendation.
“If you happen to can’t get to your meter, your vitality provider may be capable to provide you with further assist to learn or transfer your meter.”