The energy price cap rose by 10% from 1st October. Many people have been submitting meter readings and some are switching to fixed tariffs ahead of the change.
Why Submit A Reading Now?
Whilst you will be charged at the new price whether you submit your reading now or later, many energy bills are based on an estimate. To make sure you pay the right price now it’s safest to submit an accurate reading at or around the date of the change, so that you can be sure you are paying the correct amount, and not building a problem for the future.
Why Fix Your Tariff?
There is no guarantee this will save you money, as we don’t know what will happen to energy prices in future. However, Ofgem are advising people to consider fixed deals as an option. We know prices are going up and good fixed deals may be available. It also allows for people to budget with some certainty for the future, which may be more important to some household than hoping for rates to come down.
Price comparison site Uswitch says the market for fixes is the best in recent years. They have also warned people to check whether fixed deals have exit fees before signing up and ensure they fully understand the terms of the contract. Fixed terms can vary from a year to longer, whilst the price cap changes every three months.