Mind The Cap - How to prepare for the energy price cap on July 1

Uswitch energy expert Ben Gallizzi said: “A fall in the price cap on July 1 doesn’t change the fact that energy bills are still at historic highs, so it remains vital that households keep on top of their usage. 

“Taking regular meter readings and checking the level of your direct debit are as important as ever, and it is also worth keeping a close eye on the energy market as fixed deals return. 

“The energy market remains volatile, so deals are mostly being offered only for short periods and to limited numbers of customers. 

“Consumers need to be proactive and prepared to move quickly if they want to lock in certainty over their energy bills with a fixed deal.”

Here is Uswitch’s checklist for households preparing for the price cap: 

Keep your meter readings up to date. If you don’t have a smart meter, regularly take meter readings and submit them to your supplier. This makes sure your bill is accurate, and lets your supplier modify your direct debit to match your usage. Submitting a meter reading on or around July 1 will ensure you’re charged the correct amount for the gas and electricity you’ve used. 

Check your monthly direct debit payments reflect your actual use and inform your provider if not. This ensures you’re not paying too much or too little. If you feel you have too much credit in your account after your most recent review, you may want to ask your supplier to return some of the excess. 

Track your usage. Although bills are generally lower in the summer, the price for energy is still historically high. It’s worth monitoring how much energy you’re using by downloading Utrack, a free mobile app that offers regular insights into your energy spend and includes useful tips on how to cut energy bills.

Sign up for alerts on fixed tariff announcements so you can decide to lock in a deal if one becomes available. The energy market remains volatile, so suppliers are starting to offer fixed deals that are only available for a short period of time and to a limited number of customers. If you want to know when those deals go live, make sure you sign up to alerts so you can get switch-ready.

Check what energy support schemes or grants you, or any vulnerable friends or relatives, may qualify for. If you are struggling with your bills, there may be help available depending on your circumstances. The Government runs the Warm Home Discount scheme, where those eligible can receive £150 to help with bills during the winter, while councils are also offering help through the Household Support Fund. Many suppliers also have their own customer support funds, with some offering home insulation and energy-efficient white goods.

To get switch-ready, register with Uswitch here to keep up to date with fixed deals news.