During his co-presenting duties on Good Morning Britain (GMB) today (September 26) alongside Susanna Reid, Martin Lewis urged households to send their meter readings in “now”.
Martin shared that it’s “meter reading week” as energy prices change from next week.
On Tuesday, October 1, the cost of gas and electricity in the UK will be going up by 10%.
The MoneySavingExpert founder explained: “If you don’t have a working smart meter you should be doing a meter reading at some point around next Tuesday, you could do it now, you could do it a few days after.”
'It sounds geeky, it's actually probably the single biggest thing that may happen to our finances over the next couple of years.'@MartinSLewis explains why Labour hinting at 'changing the fiscal rules' could have a big impact in the long term. pic.twitter.com/TxY3gChgpw
— Good Morning Britain (@GMB) September 26, 2024
Why households should take meter readings 'now' ahead of October energy cap rise
Explaining why he is telling ITV viewers to follow his advice, Martin continued: “This is the current price, this is the new price, if you don’t do a meter reading, they’re assuming how much of usage was on the cheap price, how much usage was on the expensive price, so they could assume more of it is on the expensive price than it was.
“Do a meter reading, you draw a line and you’re going to get the correct amount billed to you, not too much at the higher level.”
He added: “The other thing that goes into this, slightly different tip, if you are on a non-smart electricity pre-payment meter, specifically what dictates to your meter the price you pay is when you top up.
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"So my tip for you is top up now before next Tuesday and you’re on the current price and then try and keep that going as long as possible until you top up again and your meter will stay on the current cheaper price once you get into October.
“Doesn’t work with Scottish Power, who will claw that back. Other companies keep the right to claw back the extra amount that you should have paid but the vast majority don’t do it in practice.”
Martin said although he can’t “100% promise” this will happen to everyone on a non-smart electricity pre-payment meter, topping up “now” can keep you on the current cheaper rates for longer and households should “hold” until you top up again “until the last minute”.
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