Martin Lewis’ Money Saving Expert website has highlighted a “loophole” for those who use prepayment meters.
As the energy price cap hits in April, the average household bill is set to rise by a further £693. Meanwhile, those on prepayment are expected to rise by £708, taking annual bills to £2,017.
According to MSE: “Prepayment meters are more expensive than standard credit meters, it’s just that they require more effort from suppliers. Suppliers prefer to get regular, automatic payments for your energy, which you get with direct debit payments on standard credit meters. “.
READ MORE – Money Saving Expert shares urgent advice everyone needs to do before energy prices rise
Now the team behind MSE is urging people to ‘store’ energy.
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On the website they say that those who use prepayment meters can recharge as much energy as possible before the price cap increases.
And it’s totally legal.
The team said: “Many older, non-smart meters with capped tariffs can legally ‘store’ gas and electric credits before prices skyrocket. If you can afford it, it could mean big savings.”
Andrew Capstick, energy analyst for the Money Saving Expert team, said rates “won’t change until the first top-up following a price change, so any credit you added before will be charged at old rates.”