Customers of British Gas, EDF, EON, Ovo, and Octopus are being advised to submit meter readings before the energy price cap rises on July 1, 2024. The new price cap, effective from July 1 to September 30, 2026, will be set at £1,862 per year—a 13% increase from the previous period.
This cap is based on the average energy unit rate and standing charges for Direct Debit payers across England, Scotland, and Wales. Energy expert Ben Gallizzi from Uswitch emphasizes the importance of submitting meter readings promptly to prevent overpayment due to rising energy costs.
“Households without smart meters should submit their readings by July 1 to ensure accurate billing,” Gallizzi said. “If you’re still on a standard tariff, act quickly—you have just two weeks to avoid paying higher rates.”
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Gallizzi also highlighted that 26 fixed energy deals currently offer better rates than the upcoming price cap, with average savings of £251. He recommends consumers compare tariffs tailored to their personal energy usage, as rising caps don’t necessarily mean higher bills.
MoneySavingExpert (MSE), a trusted consumer advice site founded by Martin Lewis, advises that customers with properly functioning smart meters in smart mode need not take action since their readings are automatically sent to suppliers. However, they recommend verifying that readings are correctly transmitted, either through online account checks or by photographing meters for reference.
Taking these simple steps now can help consumers better manage energy costs ahead of the new price cap implementation.