Experts have revealed the one thing you should do next week before the Ofgem energy price cap increases in October.

The Government has announced it will be freezing bills at the £2,500 mark from October 1.

This new figure is around £500 higher than current levels, however the price cap is set to rise by 80% on October 1.

Once that rise happens, the £2,500 figure will be around £1,000 below the Ofgem price cap.

MoneySavingExpert Martin Lewis and energy experts from GoCompare offered their tips on how to limit the impact of the rise last time the price cap increased in April.

They recommend taking a meter reading on the final day before the rise, so with the increase coming into effect on October 1, you should take a reading on Friday, September 30.

MoneySavingExpert Martin Lewis and energy experts from GoCompare offered their cost of living tipsPA

Gareth Kloet, energy spokesperson at GoCompare, said: “The cost-of-living crisis is hitting everyone.

“So if there’s a way to shave money off your bills this April, we would urge all bill payers to take both gas and electricity meter readings on March 31 and make sure you submit these to your supplier.”

He added: “It’s absolutely worth taking a meter reading before these increases come into effect. By doing this, it simply means your energy company cannot charge you at the higher rate for any units that have been used prior to April 1.”

Martin Lewis energy meter readings

Money Saving Expert founder and cash-saving guru Martin Lewis echoed Gareth's sentiments when the price cap rose in April.

Taking to twitter he said: “Do you pay energy by monthly Direct Debit? 3 Urgent must-knows before 1 April…"

 

The consumer champion released a series of videos to keep people up to date amid the ongoing cost of living here which you can view on his YouTube channel.

Cost of living support for energy bills

Government support is available to help people pay their energy bills.

Households will start receiving money off their energy bills from October, with the discount made in six instalments.

A discount of £66 will be applied to energy bills in October and November, rising to £67 each month from December through to March 2023.

Further Government support includes a £650 one-off cost-of-living payment for around eight million households on means-tested benefits.