Households must submit their meter reading before the 1 October cut off. (Image: Getty)
Around 10 million households are being urged to submit their meter readings or run the risk of overpaying their .
To avoid this overpayment, residents must submit these readings before October 1 when a 10 per cent price hike takes effect.
Currently, the average home is paying £1,568 a year on energy bills which will increase by £149 a year from Tuesday.
The price cap will rise to £1,717 or 10 per cent for those on variable-rate energy deals which is regulated by the price cap.
However, if households submit these readings in adequate time they will not be overcharged.
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Ofgem is set to increase its price cap just as winter arrives. (Image: Getty)
is set to increase its price cap just as winter arrives and said: “Between October 1 and December 31 2024 the energy price cap is set at £1,717 per year for a typical household who uses electricity and gas and pays by Direct Debit.
“This is an increase of 10 per cent compared to the cap set between July 1 and September 30 2024 (£1,568).”
updates its price cap quarterly, setting the maximum amount that can be charged for .
These price caps are made up of a variety of costs including costs to supply energy on the network, wholesale cost of gas and electricity and VAT.
[REPORT]
Millions of households in England, Scotland and Wales could be overpaying. (Image: Getty)
cites the reasons for its increase as rising prices in the international energy market, heightened political tensions and extreme weather events.
Households who do not have a smart meter installed and who are on a standard variable tariff (SVT) must submit their electricity and gas readings to their supplier ensuring the energy used before this date isn’t’ inaccurately billed at higher prices.
If suppliers are not given these readings they’ll base these bills on estimated usage.
This could mean millions of households in England, Scotland and Wales could be overpaying with many others not paying enough.
SVT users who pay their electricity by direct debit are set to pay on average 24.5p per unit, with a standing charge of 60.99p per day.
An average of 6.24p per unit will be for gas with a standing charge of 31.66p per day.
“Call your supplier to give them the readings – or check if you can submit one on their website or app,” advises .
“If you can’t get to your meter, your energy supplier might be able to give you extra help to read or move your meter.”